10.7 Sweep Out from Account

This topic describes the systematic instructions to request Sweep Out from Account. This screen will help to define sweep-out requests on customer accounts that get executed when the account balance goes above the threshold value.

1. On the Homepage, from Account Services, under Standing Instructions, click Sweep Out from Account, or specify the Sweep Out from Account in the Search icon bar.
   Sweep Out from Accountscreen is displayed.

   Note:

   The fields which are marked in asterisk blue are mandatory.

   Figure 10-14 Sweep Out from Account

   
   Description of "Figure 10-14 Sweep Out from Account"
2. On Sweep Out from Account screen, specify the fields.
   For more information on fields, refer to the field description table.

   Table 10-13 Sweep Out from Account - Field Description

   Field	Description
   Account Number	Enter the Account Number or click the search icon to view the Account Number pop-up window. By default, this window lists all the Account Numbers present in the system. You can search for a specific Account Number by providing Customer ID, Account Number, or Account Name and clicking on the Fetch button. When users enter the account number, the customer information is displayed.
   Account Name	Account Name is displayed by default based on the account selected.
   Threshold Amount	Enter the Threshold Amount. The currency is defaulted based on the account currency. The Sweep-Out transaction will be executed during the end-of-day batch process if the balance in the account goes above the threshold amount.
   Minimum Sweep Amount	The Minimum Sweep Amount and currency will be defaulted based on the product parameter and account currency. Sweep out instruction is executed only if the derived sweep amount (Account balance minus the Threshold Amount) is greater than or equal to Minimum Sweep Amount. This is an optional field that can be input during the sweep setup.
   Beneficiary Account Number	Enter the Beneficiary Account Number or click the search icon to view the Beneficiary Account Number pop-up window. By default, this window lists all the Account Numbers present in the system. You can search for a specific Account Number by providing Customer ID, Beneficiary Account Number, or Beneficiary Account Name and click the Fetch button.
   Beneficiary Account Name	Beneficiary Account Name is displayed based on the Beneficiary account number selected.
   Start Date	Users can define the Start Date for sweep-out instruction. The start date cannot be backdated.
   End Date	Users can define the End Date for sweep-out instruction, Sweep out instruction will be closed after the end date. Note: End Date cannot be less than Start Date.
   Narrative	The narrative will be defaulted as Sweep Out from Account. The defaulted value is modifiable.