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Use virtual accounts to automate simple or complex sweeping requirements
For many years, businesses and banks have needed to move money between accounts to optimise their liquidity or availability while maximising return on that money. This could have been for imprest (top up) accounts to hold funds in the most logical place or even to forward monies, when a balance has been achieved, to a third party. As a rule, this process has been manual or has required an immensely powerful mainframe solution to automate even the simplest of sweeping requirements.
Our virtual accounts platform provides this as out of the box functionality. Our solution offers businesses the opportunity to automatically allocate receipts and instigate other actions which are dependent on those receipts. The solution splits received credits and forwards each split either to third parties or other internal accounts and sets these splits on either the narrative of the payment or on a value basis of the credit. It monitors all monies held and achieves target balances and commits to a set of actions that match the customer’s risk profile. It can also defund or “sweep” a virtual account automatically when the credit causes it to reach its target balance.
For more information, contact the team to discuss your requirements or request a demonstration.