Bank Sweep Accounts

Our Repo automated database software can automatically manage the investment of your Clients' (FDIC) excess checking balances into market repo fund securities. Our software automation uses Microsoft Office compatible database management tools. The objective of the Automatic Sweep Account Software is to minimize your staff's time to manage these sweep accounts while maximizing the security and return on your clients' money.

Sweep Account Management - FDIC Compliant

Provides complete Bank Client management reporting (FDIC Mandated) on all client current balances & securities pledged to their account. The system reports any negative pledge account, automatically moves the client to securities that provide a positive pledge balance, pulls from an unassigned security list to manage accounts should the current security market value fall below client balances, and provides the FDIC daily client report for securities covering their account.

Report Support

Provides Reports on ALL Client current balances, securities pledged, Maturity Date, Market Value, Pledge Capacity, Percent Ownership, securities assigned and securities unassigned. In addition, each client security balances may be exported and mail merged to the Client as mandated daily using standard Microsoft Office applications.
Bank Staff Return-On-Investment Say The Following: Time savings with this automation reduces staff time from most of the day to less than an hour daily.

Major Automated Sweep Feature Summary

Daily Client notifications, mandated by FDIC
Sweep Software automation is Microsoft Network compliant
Single User or multi-user options with master file located on File Server
Import two flat files or ODBC for Client and Security information
Provides 2 main reports. First is the Repo Collateral report (shown below), lists all Securities and Client current balances. Provides totals for all Clients and Securities. The second shows all Used and Unused Securities (shown below).
Provides key decision making s.a. the acquisition of additional securities when Client current balances approach total Security balance.
The software moves one or more clients assigned to a security when their Current balance total exceeds the Security Market Value. Client swapping is used to balance or lower negative pledges.
If the Sweep Account Management software cannot re-assign clients to achieve positive pledges, the unassigned securities are moved to the assigned list to achieve positive pledges.
If client balances exceed Securities available, additional securities (Pseudo) can be assigned to that client to cover the balance.
Client & Security Freeze/locks are available.
Customer and Securities editors are provided for any manual operator intervention.
GSA Mandate Compliance - Mail Merge Export permits the automatic transfer of private client account information to be auto transmitted to the client including government security's issuer, maturity date, coupon rate, par amount, market value and CUSIP. The export also provides the repo balance and exact fractional interest in the government security if more than one sweep customer is secured by a given government security.
All network paths may be user changed s.a. import or Mail Merge paths. Note: Repo Program Definition - Is an in-house approach utilizing repurchase agreements ("repos"). Repos earn interest at rates determined by the bank, just as bank deposit liabilities. The interest rate paid on the repos can be changed as often as daily and can be tiered for added interest at higher daily balances.

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