In just minutes a day, Bank Sweep Manager® administers and manages a fully compliant in-house sweep program.
The Windows-based software is a stand-alone application that resides on PCs in your financial institution and does not interface directly with your bank’s core system. Daily sweep account balance updates take only minutes, with customer balances and other data imported using a simple file format regardless of your core application. The daily value (i.e., pricing) of securities held as collateral is updated by your bank and the software automatically allocates customer balances as mandated by regulators to securities pledged.
Bank Sweep Manager® automatically produces the mandated daily repurchase agreement confirmations in a PDF format and can automatically email (secured with 128-bit encryption) the report to customers, ensuring regulatory compliance. Bank Sweep Manager® also produces and sends the required daily account and securities reports by encrypted E-mail to the third-party fiduciary that holds the collateral and acts as an agent on behalf of your customers. These daily reports are mandatory and required to perfect each customer’s interest. The system then automatically creates FDIC-required confirmations, annual disclosures and other notices and archives them for six years.
The Bank Sweep Manager® solution is easily and fully auditable, with hundreds of financial institutions having successfully completed thousands of audits and regulatory examinations – making Bank Sweep Manager a proven solution.