Our balance sweep system enables users to set Monika to automatically sweep funds between accounts on the platform, or externally to investment or other accounts.

For example, if you have set up a carer card for shopping funds you can specify the maximum or minimum balances to be made available for this account. For a high balance sweep setting, you may specify that you don’t want the balance to go above £300 and for any funds above that amount to be automatically swept to another account where the clients’ main funds are held. This reduces risk and demonstrates to regulators that you have robust client money management protection measures in place.

Similarly, you can use the sweep facility in exactly the same way to sweep excess funds into a savings or investment account that you manage for your client.

Automated sweep settings are simple to set up and easy to alter or change from within your Monika account within seconds.

Learn more about our bank account sweep system in our FAQ section.