Account Sweeping

When creating a virtual account, Victor offers the ability to include to mark the virtual account as a ‘sweep account’ via both the UI and the API. This functionality is also extended to existing accounts so that if they’re not already designated as a sweep account, they can be updated to become one via the UI and the API. In addition to specifying whether an account is a sweep account, Victor also requires two additional pieces of information: the account number of the account where the money is supposed to be moved and the type of sweep account.

Victor supports two types of sweep accounts:

• Automatic
• Scheduled

Automatic sweep accounts move the money upon deposit of the money into the account. So, if Account 1234 is configured as an automatic sweep account with the configured destination account of Account 5678, then as soon as money hits Account 1234, Victor will move the money to Account 5678.

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A Note on Destination Accounts

Destination accounts must be owned by the same entity that owns the sweep account. If the destination account is not owned by the same entity, then the sweep account will not be allowed to be created/configured.

Scheduled sweep accounts will automatically move money at a configurable time each day. The system provides an administration screen that allows for the enable/disable of sweep functionality and provides for the configuration of a time each day when sweeps should occur. By default, this is configured to be 18:00 Eastern. If Account 1234 is configured as a scheduled sweep account with the configured destination account of Account 5678, then every day at 18:00 Eastern, Victor will move the money to Account 5678. Again, destination accounts must be owned by the same entity that owns the sweep account.

For sweep accounts, money movement will occur as designated and as a single transaction. If a specific transaction is returned, then the money will need to be moved back over to the source account as a book internal transfer. However, the sweep transaction will still exist as single transaction that occurred within Victor. It should be noted that a sweep account can sweep to a maximum of one other account and a sweep account (origination account) cannot also be a destination account.