Schedule Settlements
Schedule settlements for your Linked Accounts.
You can assign a settlement schedule for your linked accounts and update it anytime. By default, every new Linked Account is created with the same settlement schedule assigned to your main account.
For example, if your main Curlec account has a T+2 schedule, all Linked Accounts you create will also have a T+2 schedule by default.
Settlement Schedule for Linked Accounts
- Reach out to our to set or update the settlement schedule of your Linked Accounts.
- Settlement schedule for the Linked Accounts can only exceed or be equal to the settlement schedule of the main account.
- For example, if the main account settlement schedule is set to T+2, the Linked Account's settlement schedule should not be lesser than T+2.
In addition to the account-level schedule explained above, you can also define the settlement of the individual transfer using the following options:
By default, all payment transfers are settled according to the settlement schedule defined for the Linked Account. You can choose to defer settlements for a transfer indefinitely. In this case, the settlement for the transfer happens once you allow it.
You can set a time until which the settlement for the transfer should defer. Once this time has elapsed, Curlec settles the funds to the Linked Account on the next business day.
For example, if you have set an on_hold_until. timestamp corresponding to 7:00 PM on 23/03/2021, we will settle the amount to the Linked Account on 24/03/2021.
You can modify the above mentioned transfer settlement options via the API or Dashboard. On enabling the settlement, the initially defined settlement schedule will apply.
Example A Linked Account follows a T+2 cycle settlement schedule.
- If a transfer is created with
settle = falseand is set totrueafter 10 days, the settlement for that transfer happens immediately (during bank business hours). - If the transfer settlement is allowed on T+1, the settlement happens only on T+2.
The following table lists settlement statuses and their description:
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