SEI Corp. has introduced a system to let banks sweep cash into their own proprietary mutual funds or SEI's mutual funds.
The company's cash management investment service automatically invests excess cash from bank checking accounts into money market mutual funds. It also allows instant access to balances in money market funds to cover checks.
The program runs on a bank's own hardware.
Corporate customers typically keep four times as much cash in money markets as in checking accounts, according to SEI. It said its system lets banks recapture the money and help customers grow assets faster.
SEI, based in Wayne, Pa., has more than $36 billion under management.