Finix has completed the development of a new settlement engine. The settlement of merchant funds and associated fee calculations are one of the most important aspects of money movement that Finix enables.
This new engine brings the following current benefits and enables future benefits to our customers:
- Faster, more scalable, and more reliable settlement calculations, including the ability to linearly scale as customer volume grows.
- More flexibility to accrue funding, fees, and adjustments into different “buckets” based on customer and merchant needs, which can then settle on different timelines.
- More flexibility to send different accrued buckets to different rails for payouts
- More flexible split and coalesced payout functionality.
- More flexible fee calculations.
Diagram of the Finix settlement process. The new settlement engine is steps 2 and 3.
Differences in V1 and V2 Settlement APIs
The differences between the V1 and V2 are documented here and updated as we roll out. In the future, the V2 Settlement Calls will be added to https://developers.finixpayments.com.
In the meantime, please use the gist below.