Sweeping
ServicesDefinition
Sweeping is the automated movement of a customer's funds between two accounts in their name, such as a current and savings account. It is commonly used to help the customer avoid overdraft charges, repay a loan or benefit from better interest rates. VRPs enable sweeping use cases.
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Frequently Asked Questions
What is Sweeping?
Sweeping is the automated movement of a customer's funds between two accounts in their name, such as a current and savings account. It is commonly used to help the customer avoid overdraft charges, repay a loan or benefit from better interest rates. VRPs enable sweeping use cases.
What does Sweeping stand for in Open Banking?
Sweeping is a key term in the Open Banking ecosystem. Sweeping is the automated movement of a customer's funds between two accounts in their name, such as a current and savings account. It is commonly used to help the customer avoid overdraft charges, repay a loan or benefit from better interest rates. VRPs enable sweeping use cases.
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