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What is the Monika sweep system?

By Money Carer Banking / March 27, 2022
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What is the Monika sweep system?

Our sweep service enables deputies, attorneys and appointees to automatically sweep funds between accounts on the platform.

For example, if you have set up carer shopping funds accounts you can specify the maximum or minimum balances to be made available on the accounts. For a high balance sweep setting, you may specify that you don’t want the balance to go above £300 or for a low balance setting, you may want the account to always maintain a balance of £30.

Similarly, you can use the sweep settings in exactly the same way for your client’s personal spending monies or you may wish to sweep excess funds into a savings or investment account that you manage for your client.

Automated sweep settings are simple to set up and easy to alter or change from within your Monika account within seconds.

Tags: bank account sweeping, inter account sweeping, sweeps, varaible reoccurring payment sweep VRPs, variable sweep between accounts
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