Settlement happens daily except for weekends and public holidays. 


Finance will send to Operations a list of merchants who have had transactions on their accounts and now need to be settled.


This Settlement to the Merchant is subject to the following:


* FICA documents on file
* Risk Approval obtained


FICA will be stored in a file on Google Drive under the name of the relevant Merchant.


- The list received will be checked for the relevant FICA and the Onboarding Agent will indicate on the list whether the FICA is on file or not.

- Where there is no FICA on file, this will be indicated to Finance.


It could happen that the card has been moved through the Pipefy phases and that the card could be with the Risk Dept. for approval.

In this case, the card will be flagged with the Risk Dept. for review and pending the response, Finance will be notified if settlement may proceed or not.


Once all the checks have been completed the list is returned to Finance with the findings of whether Settlement may proceed.


There are instances where the Merchant advises the change of Banking details or where the entity or Trading name has been changed.

Following the relevant checks with the Risk Department, the onboarding Agent will proceed to make the changes to the banking details on the Console and BIP.

Finance will be informed of the change in Banking details in order to facilitate the settlement to the Merchant's requested account.