Settlement Period (e.g. monthly)
| Stage | Description |
|---|---|
| Day 1–28 | Merchant activates cheques, obligation accrues |
| Day 28 | Period closes — admin generates Settlement Statement for merchant |
| Day 28–35 | Merchant reviews, transfers face value in settlement_currency at spot FX rate |
| Day 35 | Admin confirms payment → settlement_status = paid |
| Day 35+N | Rebate calculated and paid (N = delay_days), Rebate Notice generate |