The sweep network, made up of seventeen FDIC member banks, will disperse Bluevine customers’ deposits across those program banks, while still providing uninterrupted access to all their funds within their Bluevine Business Checking account. Customers will continue to earn Bluevine’s industry-leading 2.0% interest rate on balances up to and including $250,000, with the peace of mind that their cash assets are protected.
“Our core mission at Bluevine is to make the financial operations of business owners easier, and offering enhanced protection on cash assets is an essential piece of that puzzle,” said David Quinn, CFO of Bluevine. “By spreading money across banks in a sweep network, Bluevine customers can benefit from expanded insurance coverage of their deposits without needing to manage multiple banking relationships themselves. Now, business owners with large balances can spend less time worrying about the security of their money, and more time scaling and growing.”
Bluevine customers will be automatically granted the additional FDIC insurance coverage that comes with the sweep network, but will have the ability to opt-out at any time. This new benefit follows several recent Bluevine releases that enhance the banking experience for small businesses. Notably, the company recently embedded accounts payable capabilities directly into its banking platform, giving small business owners and their teams sophisticated and streamlined bill management, automation, user access control, and enhanced payment capabilities. The company also recently added an international payments and FX solution in partnership with Wise, making international payments more convenient, simple, and transparent as small businesses continue to operate more globally with vendors, customers, and partners.
Source: FF News
