Frequently Asked Questions – 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.
Sweeps are automated to occur in the early mornings before any regular payments take place. Sweeps can be set to happen on a daily, weekly or monthly basis and are processed as bulk payments through the Cashplus bulk payment portal linked to your Monika account.
So long as the accounts you wish to sweep funds into accept payments via the Faster Payments network then, yes, Monika’s sweep facility can be used for this purpose as well.