Settlement accounts

Learn how to create and manage your settlement accounts

Vyne offers settlement accounts for enhanced payment initiation features. You can manage settlement accounts in the Merchant portal on the 'Settlement Accounts' page.

Create settlement account

  1. Click 'Add account' to open a modal.
    • Specify an 'Account Name': a nickname you can give your account in Vyne.
    • Select the 'Account Currency': the currency of the funds to be held in the account.
    • Select a 'Destination Account': the treasury account to which the settlement account funds should be swept to. This must be one of the approved bank accounts already set up in your Merchant account.
    • Specify the 'Reserved amount': the amount that should remain in that account after the end of day sweep to your operation bank account. This is recommended if you are using the Vyne Refund or Payout features
  2. Click 'Create Account' to create the settlement account.

Edit settlement account

Each settlement account shows as a card on the 'Settlement Account' page. Click the arrow in the bottom right of the card to flip the card.

  • The front of the card shows the Vyne settlement account details. The 'Identifier' is the destination account identifier used in the PIRPIR - Payment Initiation Request or RPIRRPIR - Recurring Payment Initiation Request to route payments to the settlement account.
  • The back of the card shows your operational account details where settlement account funds are swept to.

You can change some of the Settlement Account settings if required:

  1. Click the arrow in the bottom right of the card to flip to the back.
  2. Click the edit pencil which allows you to change settings. This will allow you to edit the destination account for the end of day funds transfer from the settlement account. You are also able to change the amount which is reserved in the account after the end of day sweep.

🚧

Be aware

You can set up multiple settlement accounts. Simply specify the account identifier (e.g. GBP3) as the destinationAccount in the PIRPIR - Payment Initiation Request. Learn how to specify the destination account here.

Download an account statement

If you require a statement for a settlement accounts

  1. Click 'Download Statement' to open a modal.
  2. Select the 'Settlement Account' for which you wish to download a statement
  3. Select the 'Settlement Date Range' over which you wish to see payments
  4. Click 'Generate' to generate the report.
  5. Once the report is generated, click 'Download' to download a PDF.

Did this page help you?