Settlements

Streamline your back office with our settlement messenger. Register incoming transactions and create requests with a click of a button. We will take your back office to the next level.

Where do I find the settlements functionality?

The 'Transaction' section (under the 'Settlement' group) is located in the menu on the left.

In this section, you will find:

• Incoming Transactions: Settlements that are coming your way, which can be considered as deposits to your accounts.

• Outgoing Transactions: Settlements that you have made towards another counterparty, which can be considered as outgoing payments.

• Requests: A list of your pending requests for incoming transactions and received requests for outgoing transactions.

You may sort them by assets, counterparties, and the status of the settlement.

How do I settle my open position?

If you wish to settle (create an outgoing settlement transaction), you have 2 options

Settling the whole position

1. Go to the 'Positions' tab and locate the asset you wish to settle. Liabilities are highlighted in red.

2. Press the upward arrow next to the asset.

3. This will open a prefilled pop-up with the amount to be sent and the network. Keep in mind that the recipient receives the exact amount stated in the pop-up.

4. Send the wire or blockchain transfer to the account or wallet listed in the address book.

5. Once the wire or blockchain transfer is made, press 'Create and continue'.

6. Retrieve the reference number of the wire or the hash (TX ID) of the transfer.

7. Paste it into the 'Enter TX ID to commit the transaction' section.

8. Press 'Send Transaction'.

Partially settling the position or prefunding a trade

1. Go to the 'Transactions' tab

2. Press 'Add new'

3. Select the name of your counterparty

4. Select the asset you are sending

5. Specify the amount

6. Tick the 'Fee paid by recipient' if this applies

7. Press 'Create transaction'

8. Perform the wire or a blockchain transfer to the counterparty

9. Retrieve the reference number of the wire or the hash (TX ID) of the transfer

10. Paste it into the 'Enter TX ID to commit the transaction' section

11. Press 'Send Transaction'.

How do I request the assets?

Settling the whole position

1. Go to the 'Positions' tab and locate the asset you wish to withdraw. Items up for request are highlighted in black.

2. Press the upward arrow next to the asset.

3. In the pop-up, navigate to the 'Withdraw' section.

4. Validate the amounts and networks.

5. Press 'Create transaction'. *

*Note that in the event that a counterparty does not complete your request within 7 calendar days, it will automatically expire.

Requesting everything available per asset class:

1. Go to the 'Transactions' tab.

2. Click 'Add New'

3. In the pop-up, click the 'Withdrawal' tab.

4. Select the name of your counterparty.

5. Choose the asset you are requesting.

6. Specify the amount, or leave it empty to request everything available.

7. Select the network on which you wish to receive funds.

8. Press 'Create transaction'

What are the statuses?

The system has six statuses:

1. Created - You have initiated a settlement but haven't filled in all the required parameters to complete the action.

2. Sent - The funds are being sent.

3. Received - The funds are on the way to your wallet or bank account.

4. Committed - You have validated that the funds have landed in your wallet or bank account.

5. Request - The request for withdrawal has been recorded.

6. Canceled - The operation has been canceled by the counterparty or by you.

Where I can find my previous settlements?

You may find them in the 'Settlement' → 'Transactions' interface.

What does the green tick mean?

After receiving every incoming settlement, you must commit to it by clicking on the green arrow next to the transaction.

Is there a way to automate my settlements?

Yes, please refer to the next article.