This is an article about Settlements for Setu Collect-BBPS Product.


TABLE OF CONTENTS


What is T+2 Settlement?

  • Whenever a customer makes a bill payment, the amount is first deposited into the payment processor’s account. Next, Setu handles the settlement process when funds are released into Setu’s accounts and then Setu does  a batch settlement against all transactions to respective biller accounts. This process takes 2 days after the customer transaction has been completed, and so the settlement timeframe is T+2.


When are settlements delayed?

  • In certain cases, when banks have settlement holidays, we receive funds into Setu’s account later than expected. This is the only time there may be unexpected settlement delays from our end. Refer to the list of settlement holidays here.


Can settlements be reversed? Why?

  • Settlements cannot be reversed once we have settled money to a biller’s account, as Setu has no control over the money that’s already gone out from its bank. However, if you have multiple settlement accounts for which settlement rules have to be updated OR if you want to update settlement account details, please contact us at support@setu.co.Settlements cannot be reversed once we have settled money to a biller’s account, as Setu has no control over the money that’s already gone out from its bank. However, if you have multiple settlement accounts for which settlement rules have to be updated OR if you want to update settlement account details, please contact us at support@setu.co.


Where can I view settlements?      

  • Consume our Reports APIs to access settlement reports. Read more here.

    Use our Console to view and download reports in a CSV format.


Can you support split settlements?
  • Setu bill objects can optionallycontain instructions to inform Setu about how to settle a collected bill amount. These details include—
    • Which bank accounts the settlement should be done to.
    • What is the split to be applied when doing the settlement.


  • Note that this is mandatory when you have multiple settlement account details provided to Setu. Refer to our detailed docs on how split settlement works.



 What are the different types of Bill Status?
  • Payment Successful- Transaction is successful from the end customer to the payment partner.
  • Credit Received- Setu has received the funds and MIS from the payment partner.
  • Settlement Successful- Setu has settled the transaction to the biller
  • Settlement Failed- Transaction has failed from Setu to the billers.
  • Payment Failed- Transaction is failed from Payment partner to Setu