Allows the client to move money from enrolled participating funding accounts to a settlement account based the specified sweep type.
- Create Account Sweeping transactions by the corporation
- Enrollment of Accounts for Account Sweeping
- View Enrolled Sweep Accounts
- Search for the Sweep Account enrollments to check their details and approval status
- Verify/authorize/release, reject or return the transactions
- View past and existing Account Sweeping details, including the status of the transaction.
How it works
- Using any browser, log on to PBCOM Business Banking web site through the internet.
- Upon login, go to Cash Management Services from the Menu.
- Select Accounts and Liquidity from the extended menu to the right and click Account Sweeping.
- Choose Header Account from the drop down list of enrolled accounts. This is the account where funds would be swept/transferred to.
- Select from the drop down list the Account Sweeping participating accounts where funds would be swept or collected.
- Choose processing schedule whether immediate, post-dated or recurring transaction.
- Approvers will receive an email notification that an account sweeping transaction is for their verification or authorization.
- Using any Internet-ready PC, smart phone or tablet, your company’s verifiers and authorizers access PBCOM Business Banking via the internet to review and approve the created account sweeping transaction.
- Once properly verified and authorized, PBCOM process the account sweeping request immediately or on the date defined during creation. Your header account is credited and the fund is transferred to the Biller’s account.
- You will also receive an email notifying you of the successful account sweeping transaction.
- Monitor the status of account sweeping transaction and the new balance of the Header account in real-time through PBCOM Business Banking Account Sweeping Inquiry.
- Download the account sweeping report in different formats such as pdf, xls, and csv.
- Ensures funds are pooled in one account without any effort from the company
- Provides the company with full control of all its funds as these are swept to the settlement or header account
- Provides multiple objectives or types of sweeping action:
- Ensure balances are maintained to the minimum required level
- Ensure that a fixed amount is swept in between the participating and header accounts
- Ensure that a pre-determined denomination is is swept in between the participating and header accounts
- Ensure that a pre-determined percentage of the balance is swept in between the participating and header accounts