Sweeping
Automatically moving money between a customer's own accounts, for example surplus funds into savings.
Sweeping is the automatic transfer of money between a customer's own accounts, such as moving surplus funds into a savings account or using them to repay a loan or overdraft. In the UK, Open Banking Limited describes it as a key use of variable recurring payments, and the competition authority required nine banks to provide a VRP interface for sweeping. In the EU, strong authentication is exempt for transfers between the same person's accounts only when both are held at the same provider.
Agent Minute explains this term on 13 March 2027.
Related terms
Variable recurring paymentA series of payments made under one standing consent, within limits such as a maximum per payment and per period.Spend limitA cap on how much an agent may pay, enforced by the system that executes the payment, not by the agent.Strong customer authenticationAuthentication using two or more independent elements from knowledge, possession and inherence.Credit transferA payment pushed from the payer's account to the payee's account on the payer's instruction.