Introduction to settlements

Batch settlements

A settlement (sweep) moves all available funds from the Volt Account to the reference Settlement Bank Acount. It includes all payments and credits received, subtracts the total value of Refunds, Payouts and balance Reserves and creates a single transfer. A separate settlement sweep is made for each currency you receive or process funds in.

For security and compliance reasons, settlement sweeps are setup by your account manager, usually during the onboarding process. You can update your settlement preferences and accounts at any time by contacting support@volt.io.

Settlement preferences

You don’t have to have settlement sweeps. If you’re constantly receiving and paying out funds from your Volt Account, we’ll leave all funds there for you to manage.

On-demand Settlements

You can send a Settlement manually from Fuzebox. Go to Accounts > Settle account. If you don’t have enough permissions to do it, contact our support@volt.io team.

Automatic Settlements

On a schedule

We batch and settle to you on a day and time schedule. By default this is every hour, if there are funds to settle. However we can settle to you less frequently if you prefer, for example once a day at 16:00 to coincide with your end of day reconciliation, or even once a week if that suits you better. Simply share your preferences with the support@volt.io team and they will set it up for you.

Balance threshold

As an extra option, we will batch and settle to you on a schedule but only if a certain balance has been reached. You can set a threshold per settlement account, meaning you could choose to receive a settlement to your account when you reach GBP 10,000.00 but a settlement to your euro account when the balance is more than EUR 20,000.00. Please note that if a threshold is not reached, the scheduled settlement will not be sent. You can combine the schedule and balance threshold approaches.

Settlement notification

You’ll always receive a settlement notification to your notifications endpoint, containing the batch details and a location where you can download the settlement report.

Additional on-demand settlements

Even though you’re using automatic settlements, you can request a manual on-demand settlement at any time in Fuzebox.

Changing your configuration

To set up or change the way you receive settlements, or update your bank account details, please contact support@volt.io and we’ll make the change for you.

Settlement payments

When the time comes to send you a settlement, we’ll batch all the payments received since the last settlement and send a single amount per currency to your nominated bank accounts.

Batch ID

We’ll assign a batch_id to the batch we create and generate a unique paymentReference to enable easy reconciliation of the credit when it arrives in your bank account. This information will be contained in the report_available notification that we’ll send you.

Once we’ve sent each settlement

Once we’ve batched and sent your settlement payment, we will then:

Change the status of all the payments covered by the batch to SETTLED
Generate a settlement report in CSV format that you can download
Send you a report_available notification containing details of the settlement itself and the location to download that report from. The format of this notification is described below.

Differences for Brazil (Pix)

We send the batch ID in the payment reference. For example, reference in the settlement payment: “Pagamento ref Batch [batch ID as UUID]” this reference is provided in the informacoes_entre_usuarios field. Please confirm that you can access that reference field at your bank. That batch ID corresponds with the settlement filename “latam_domestic_[batch ID as UUID].csv”

Note that you’ll receive one settlement payment, one notification and one report per currency.