Paying Merchants Using Multiple Bank Accounts (Split Settlement)

For financial companies and government-oriented payfacs, there is a big use-case to paying out merchants through multiple bank accounts. 

Luckily, Finix has recently released this split settlement payout functionality that allows a settlement to be paid out with an unlimited amount of funding instructions. 

For example:

Merchant 1 has a net settlement payout for $1,000. Using Split Settlement, you can pay out to:

Payment Instrument 1 - $100
Payment Instrument 2 - $300
Payment Instrument 3 - $700

How to use Split Settlement

In order to use Split Settlement, you have to first generate a Settlement. For companies that rely on Finix to generate their settlements daily, you can ignore this first part. 

After you have a settlement generated and the settlement ID available, you can use the following command to pay the settlement through different payment instruments associated with the merchant. 

curl https://finix.sandbox-payments-api.com/settlements/STxxxxxxxxx/funding_transfers \
 -H "Content-Type: application/vnd.json+api" \
 -u US9C35Uh2qqqWLiaCHbMBb4c:a821faf7-625a-4ab8-943e-f5e8ef94b834 \
 -X POST \
 -d '
 {
 "destination": "PIxxxxx",
 "currency": "USD",
 "amount": 200, 
 "merchant_identity": "IDxxxx"
 }'

If you were to pay out to 10 different bank accounts for the merchant, you would have to run this command 10 times with different amounts and destinations for each payout. 

This feature is available both in Sandbox and in Production. In order to set up your Sandbox or Production account to use this feature, please contact Finix Support. There is a setting configuration change we have to do to enable this as this is an advanced feature. 

How to use Split Settlement and Payout a Settlement

1. Create Funding Transfers using the call above

Example:
Let's say you have $100 and you want to split it to 5 bank accounts evenly. 

You would call this method, 5 times and pass in 5 different Payment Instruments. 

2. Approve the Settlement using the Review Queue (RK) Resource

You can approve the settlement using the Review Queue resource (RK).

curl 'https://internal.live-payments-api.com/review_queue/RKiaX1FZ4uJBbEu4n4ifGuJG' \
 -H 'Accept: application/hal+json' \
 -u XXX:XXXX \
 -H 'Content-type: application/json' --compressed \
-X PUT \
-d '{"outcome": "PENDING"}'

The review queue endpoints support a GET so you can see the current status of settlements that haven't been approved yet. 

https://internal.sandbox-payments-api.com/review_queue?entity_type=SETTLEMENT&limit=20&outcome=PENDING&sort=created_at%2Cdesc

Each Review Queue resource has a Settlement ID associated with it.