Posts filed under ‘SEI CashSweep’
Designed to help community banks attract and retain key commercial accounts, the MBA and ABA-sponsored CashSweep program offered through SEI is a turnkey, automated system that sweeps excess commercial DDA balances into selected money market mutual funds. The program offers an integrated approach to building cash sweep services and oversees all aspects of the implementation process. Components include software implementation, technical training, extensive marketing support, and ongoing consulting services.
In response to banks’ growing need to offer products to commercial customers that are competitive to non-bank financial service companies, SEI was selected as the endorsed provider of a competitive and flexible cash sweep program. Through the MBA and ABA-sponsored program, community banks can offer both corporate and retail clients a variety of Money Market funds to satisfy a range of customer needs. The program provides a unique investment management process designed to ensure competitive and consistent performance.
Market Profile: Any commercial bank whose commercial customers would benefit from short-term investments of their excess DDA balances. Community banks will value the flexible, PC-based system accompanied by customized marketing support.
What Banks Can Do With Sweep Accounts:
- Generate fee-based income to diversify the earnings stream of the bank
- Retain existing clients by offering more competitive products and services
- Recapture assets that have left the bank to other financial institutions
How Clients Can Benefit From Sweep Accounts:
- Fully invest short-term assets conveniently and effectively
- Have short-term assets available and liquid
- Maintain a strong relationship with their bank
- Access to product variety