Money is transferred to the consolidated account from the subordinate accounts that are linked to your consolidated account at agreed intervals (sweeping). At the same time, any negative balances on subordinate accounts are covered by an automatic transfer from the consolidated account to the subordinate accounts that need it (topping).
Automatic cash transfers:
How does it work?
All accounts, whether subordinate or consolidated, must be in the same currency. With the Sweeping service you can set different rules for managing the balances of subordinate accounts.
Settings for managing the balance of a subordinate account:
- You can set a fixed amount that is transferred regularly from the subordinate account to the consolidated account
- You can set a balance that you wish to keep on the subordinate account
- You can set a minimum or maximum balance that should be kept on the subordinate account
Settings for the frequency of transfers:
- Every day
- Once a week
- Once a month on a fixed date
- At the end of a month
Settings for the time of transfers:
Pooling of financial assets
The service enables you to pool your company's money into one account. This makes it easier for you to monitor your company's cash flow.
With the Sweeping service you can increase your interest income because all your liquid assets are pooled into one account.
You can reduce your need for external financing as the negative balances of subordinate accounts are covered from the consolidated account.
You can simplify the administration of your company as you do not have to monitor the balances of the subordinate accounts. If the fixed amount is available, the transfer will be made automatically.
Client-specific reference numbers
You can choose a different reference number for each sweeping transaction. You can see the reference number on the account statement or in the ERP system.
You can get information on the transactions and account balances through the electronic channels of Nordea Bank.