TransferMate is dedicated to enhancing the functionality and usability of our platform to meet our customers' evolving needs.
Our latest feature update introduces Auto-Sweeping Rules to Global Accounts, a powerful tool designed to provide greater flexibility, control, and efficiency in managing your funds.
What are Auto-Sweeping Rules?
Auto-sweeping enables customers to automatically move or "sweep" funds between accounts based on predefined rules. In most cases, users can utilize these rules to maintain specific balance levels across accounts.
Key Benefits of Auto-Sweeping
The auto-sweeping functionality offers varied benefits to our users.
Clients can automatically transfer funds based on rules they configure, reducing manual effort and the risk of oversight.
For example, rules can be set up that if a limit of USD$10,000 is received in a user’s USD account, the funds will be automatically transferred to the users GBP Global Account.
Users of Global Accounts can customize sweeping rules to fit their business requirements. These rules can be based on either a “by transaction” or “account balance” basis.
The update simplifies safeguarding processes for Global Accounts with automated, auditable movements. And all sweeping rules are protected with mandatory two-factor authentication (2FA) to ensure secure set up.
How It Works
Auto-Sweeping rules can be created and managed via a new dedicated tab in the Global Accounts section of your TransferMate profile.
The interface allows users to configure two main types of sweeping rules:
1) Per-Transaction Sweeping Rules
Per-transaction rules trigger a transfer each time funds are received into a specified Global Account.
These rules are ideal for businesses that need immediate fund movement to desired currencies after each transaction.
2) Balance-Based Sweeping Rules
Balanced-based sweeping rules ensure that account balances are maintained within specific thresholds. You can set parameters to top up accounts when balances fall below a minimum or move funds when balances exceed a maximum.
Balanced-based rules offer a streamlined automated treasury function for businesses managing operating or reserve accounts with target balances. Users can define minimum, maximum, or target balance thresholds for their accounts, and the frequency of sweeps on a daily, weekly or monthly basis with start and end dates as needed.
Getting Started
Setting up the functionality in your Global Accounts is simple. Navigate to the new Auto-Sweeping tab in your Global Accounts profile (pictured below) and follow the prompts to configure your rules.
If you need help, our team is ready to help—contact your Relationship Manager or email us at customerservice@transfermate.com.
Why Auto-Sweeping?
The Auto-Sweeping rules functionality is part of our ongoing commitment to delivering impactful services that meet customer needs. With Auto-Sweeping, TransferMate ensures you have the tools to simplify your financial operations, optimize cash flow, and maintain peace of mind.
Further rule based sweeping capabilities are planned in future updates to the TransferMate Platform.
If you have any questions or need help with the new functionality in Global Accounts, please contact your relationship manager or email customerservice@transfermate.com
