Transaction records represent internal money movements at the source institution between the program omnibus account and some non-program bank account (a depositors savings account, checking account, etc.). ModernFi does not handle these internal money movements. Instead, transaction records allow the sweeping institution to tell ModernFi how much is available to sweep into the deposit network at the depositor account level. Prior to creating transactions, a depositor and an associated account must be created.
A transaction record of type credit sweeps funds into the program account and, subsequently, the deposit network. A transaction record of type debit has the reverse effect -- it moves funds out of the deposit network and program account.
For example, if the sweeping bank has moved $10,000 into the program omnibus account, and the sweeping bank wishes to sweep that into the deposit network, the sweeping bank must initiate a transaction record of type credit for $10,000. To withdraw these funds, you must initiate a transaction record of type debit with an amount of $10,000.
By default, 100% of deposits that are moved into the program omnibus account will be swept into the deposit network. To change this default, please contact the ModernFi team.
For further details around transaction records and sweeps, please contact the ModernFi team.