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      Understanding Settlement Methods

      Settlement Methods in Kooltra represent the payment mechanisms that can be used to transfer funds.

      What are Settlement Methods?

      Settlement Methods in Kooltra represent the payment mechanisms that can be used to transfer funds, for example 'Wire', 'Cheque', etc. 

      Settlement Methods are simply labels on Kooltra that represent an implementation of a particular type of technology. For example, ACH in the US functions in the same way as EFT in Canada when making outgoing bank transfer payments.

      A list of common Settlement Methods are detailed below; if you need to configure additional Settlement Methods within Kooltra, please speak to your Account Manager for assistance.

      Wires

      • Wire (SWIFT or IBAN)

      • ABA

      ACH

      • ACH

      • EFT (outgoing - Canada)

      • PAD (incoming - Canada)

      • SEPA
      • CHAPS
      • FASTER PAYMENTS
      • BACS

      Direct Deposit

      • Direct Deposit

      • Draft (Drop Off/Pick Up)

      • Draft (Driver)

      • Draft (Fedex)

      Cheques

      • Cheque (Drop Off/Pick Up)

      • Cheque (Driver)

      • Cheque (Fedex)

      Email

      • E-Transfer

      Other Methods

      • Bill Payment

      Assigning Settlement Methods For Use

      Kooltra enables Settlement Methods in a hierarchical structure that can be specified at each layer to be available for incoming or outgoing settlements:

      Entity

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      Account

      🠗

      Beneficiary

      For a Settlement Method to be available for use in the system, if must first be enabled at the Entity level.

      Once a Settlement Method has been configured for use at the Entity level, it can then be assigned for use by specific Accounts.

      Once a Settlement Method has been enabled for an Account, any Beneficiaries created under the account may utilize the Settlement Method.