Bank Account Balance Sweep
Account balance sweeping is the practice of moving money between accounts so that funds are allocated in the most optimised way.
Our advanced balance sweep system enables our partner organisations or individual users to set Monika to automatically sweep funds between bank accounts.
For example, if you have set up a carer card for shopping funds you can specify the maximum or minimum balances to be made available for this account.
For a high balance sweep setting, you may specify that you don’t want the balance in a carer card account to go above £500 and for any funds above that amount to be automatically swept to another account where the clients’ main funds are held.
This reduces risk and demonstrates to regulators, such as the OPG, SRA or DWP, that you have robust money management protection measures in place for the funds that you make available to third parties.
Similarly, you can use the sweep facility in exactly the same way to sweep excess funds into a savings or investment account that you manage for your client or, to return unused funds in a direct payment account to a local authority.
Automated sweep settings are simple to set up and easy to alter or change from within your Monika account within seconds.
Learn more about our bank account sweep system in our FAQ section.