Sweep out is a functionality in OFCR by which excess balance or fund in a customer's CASA account is transferred to another account that may be a CASA, TD or even a non-FCR account.
Sweep out can be set up only on CASA accounts. The Account from which funds are being swept out is referred to as the Provider Account and the Account into which funds are being swept in is referred to as the Beneficiary Account.
Depending on the type of accounts involved in the funds transfer, there can be three types of sweep-outs:
1. Sweep-out from CASA to CASA
2. Sweep-out from CASA to TD
3. Sweep-out from CASA to non-FCR account
Sweep-outs can also be of the following two types:
1. Normal Sweep-out: funds are swept out from the Provider Account to the Beneficiary Account
2. Reverse Sweep-out: funds are swept out of the Beneficiary Account back to the Provider Account.
Sweep-out of funds takes place typically at the end of the business day during the EOD batch process.
Sweep-in is a functionality in which funds are pulled in to a customer's CASA account from a specified account that may be a CASA, or a TD account.
The functionality is the reverse of the sweep-out functionality. Usually, a sweep-in of funds take place into an account in the case where there is insufficient balance to honor a debit transaction and funds are swept in from a specified account linked to this account to honor the debit.
Sweep out can be set up only on CASA accounts. The Account from which funds are being swept out is referred to as the Provider Account and the Account into which funds are being swept in is referred to as the Beneficiary Account.
Depending on the type of accounts involved in the funds transfer, there can be three types of sweep-outs:
1. Sweep-out from CASA to CASA
2. Sweep-out from CASA to TD
3. Sweep-out from CASA to non-FCR account
Sweep-outs can also be of the following two types:
1. Normal Sweep-out: funds are swept out from the Provider Account to the Beneficiary Account
2. Reverse Sweep-out: funds are swept out of the Beneficiary Account back to the Provider Account.
Sweep-out of funds takes place typically at the end of the business day during the EOD batch process.
Sweep-in is a functionality in which funds are pulled in to a customer's CASA account from a specified account that may be a CASA, or a TD account.
The functionality is the reverse of the sweep-out functionality. Usually, a sweep-in of funds take place into an account in the case where there is insufficient balance to honor a debit transaction and funds are swept in from a specified account linked to this account to honor the debit.