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Sweeping

Move funds automatically across borders between accounts 

Sweeping is an automated funds transfer for the concentration of balances belonging to a company or a group of companies, which regularly move funds between their own accounts. Sweeps can be executed between accounts within Nordea, cross-border and to accounts at other banks. 

On an agreed, regular basis, the balance or part of the sweep account balance is automatically swept to the concentration account. In the case of a negative balance, funds can automatically be topped from the concentration account to the sweep account.

Benefits of Sweeping 

  • Concentration of the group's cash balances

  • Reduction in the need for external financing

  • Automated solution set on your defined parameters

Learn more about Sweeping

Zero & Target Balancing physically concentrates funds within a company, or a group of companies, into one account. All accounts need to be in the same currency.

In the Target Balancing the whole balance or part of the balance is swept to the concentration account based on sweep scheduling.

In Zero Balancing the daily balances with original value dates are transferred end of day to the concentration account called top account. In this variation you can link any number of sweep accounts also called sub-accounts to the top account.

Sweeps can be set up to run on daily, weekly or monthly basis and even in combinations if needed. Funds can be transferred depending on country intra-day or end of day.

When sweeps occur between legal entities, inter-company loans may be created, legal and tax issues have to be addressed.

Legal and regulatory requirements vary from country to country. So it is important to investigate the applicable regulations before establishing the service.

For Nordea, internal Zero Balancing reporting can be provided for visibility to manage the inter-company positions.

Get in touch 

For more information about how we can support your business contact your Nordea adviser.