Deposit sweeps

cross river partners with intrafi to offer you deposit sweeps intrafi connects cross river to a large network of banks and also handles the complexity of managing deposit placements across the network of institutions through our partnership with intrafi, you can increase fdic insurance coverage for your customers' deposits up to $170m per depositor (in each insurable capacity) why you'd be a great candidate you want to offer your customers an insurance limit of up to $170 million per tax id your customers deposit accounts have cash balances of over $250,000 prerequisites to implement deposit sweeps, you need to register as a cross river partner required for new partners request sandbox access you'll need to have a deposit product in addition to your regular configuration, be sure to include intrafi sweeps sign the service agreement for a new partner, ensure it covers deposit products for an existing partner, covers deposit intrafi sweeps complete sandbox certification ensure all testing is validated and certified obtain production access perform production testing to finalize integration enable deposit intrafi sweeps capabilities activate services for your account product on cross river before you offer intrafi sweeps to your customers, they must accept the intrafi deposit placement agreement key features once you've added intrafi sweeps to your deposit product, our apis let you offer your customers the ability to view deposit placements and balances see the breakdown of where funds are and how much is at each institution settlement happens every day cross river sends records to intrafi of what needs to be swept or returned and intrafi accepts those records at the end of day, either cross river sends a settlement wire of funds to intrafi or intrafi return funds to cross river exclude a bank or account of a particular bank we recommend customers do this if they already have funds at a specific institution sample flow in our example, you use cross river as your partner bank you offer a deposit product enabled for intrafi sweeps the flow looks like this your customer opens an account and deposits $750k this $750k now resides in a cross river account since this deposit is enabled for sweeps, anything in excess of $250k will get picked up for sweeps through the intrafi network cross river wired $500k to intrafi intrafi handles the relationship with a network of banks intrafi sweeps $250k into two fdic compliant banks your customer is insured for the entire available balance of $750k $250k remains at cross river, but the available balance remains at $750k your customer can withdraw from their full balance at any time reasons to choose cross river once we enable the deposit sweeps add on for your deposit product, any of your customer accounts with funds in excess of the fdic insurance limit are picked up for sweeps and funds will be swept to the intrafi network account balance always visible the total account balance remains visible as if all the funds are in a single account interest rate stability the interest rate on the various accounts remains same as offered in your cross river deposit account product withdraw funds at any time the available balance includes the swept balance and your customer can withdraw funds at anytime faq what happens if you have enabled a partner for sweeps and then they open 1000 accounts, is that more work for cr? no, because the product is what is enabled for sweeps so every deposit account under that product will be picked up for sweeps can a customer choose to opt out for a specific bank or account? yes, they can be added to an exclusion list how do i enable intrafi sweeps? it's a simple product configuration change performed by cross river what happens to the deposit product interest rate if i enable sweeps? the interest rate stays the same intrafi honors the interest rate on the account with cross river, even if the rate is different at the other banks next steps have a look at our sweeps accounts quickstart with cross river any questions? contact cross river support