Approving Settlements

When Settlements with day-to-day payments and transactions are approved, a Funding Transfer gets created that credits the seller's bank account with their payout.

The grouping of Settlements and when they're available for approval depends on the payout schedule you've configured. Settlements, Entries, and Funding Transfers are available for review and approval via Finix's API and your Finix Dashboard.

• For Finix Flex customers, Finix manages and approves Settlements.
• For Finix Core customers, you’ll need to approve and manage your user's Settlements. Your sellers receive funds (or get paid out) when their Settlements are approved.

For example, say one of your sellers has a Settlement that only contains refunds. Once the Settlement is approved, the Funding Transfer will debit funds from the user's bank account.

Creating Settlements

On a Daily schedule, Finix will automatically create Settlements:

• Monday through Friday on our LITLE_V1 processor.
• Every day using the VANTIV_V1 processor.

Payment Facilitators (Finix Core) Timelines

If you are a payment facilitator, you will need to approve your user's Settlements by 3:30 PM PST. If a Settlement gets approved after 4:00 PM PST, the Funding Transfer is sent to the merchant the following business day.

Managed Settlement Flow (Finix Flex)

If you are on Flex, Finix will automatically review all Settlements and approve them. Settlements can get delayed if Entries or transactions get flagged for review.

Settlements that require further review get held for risk review. Finix's team will reach out to you via a support ticket if further investigation is needed.

Settlement Schedules

Settlements for Merchants using the LITLE_V1 and VANTIV_V1 processors get completed Monday-Friday with the exception of federal banking holidays.

Finix Core customers must approve Settlements before 7:00 PM Eastern Time (4:00 PM Pacific Time) for sellers to receive next day funding. We recommend approving settlements no later than 6:00 PM Eastern Time to allow time for additional adjustments or review. 

Weekly Settlement Schedule

Weekly LITLE_V1 Schedule

Weekly VANTIV_V1 Schedule

Federal Banking Holidays

Standard Federal Reserve Bank Holidays:

For holidays falling on Saturday, Federal Reserve Banks and Branches will be open the preceding Friday. For holidays falling on Sunday, all Federal Reserve Banks and Branches will be closed the following Monday. An expanded schedule can be found on the Board of Governors' website.

• * Saturday - the Board of Governors is closed on November 10, 2023.
• * * Sunday - the Board of Governors is closed on December 26, 2022, and January 2, 2023.