Here at Vyne, we want the Settlement account to work for you and so we’re pleased to be able to offer additional flexibility when it comes to receiving your funds. This includes;
1) the ability to choose a custom daily Settlement transfer time that works for you and your business, and
2) the ability to enable multiple Settlement account sweeps/transfers within a 24 hour period. This is particularly important if you find your Settlement account balance may be approaching the £1M Faster Payments limit.
Unless otherwise specified at the onboarding stage, the Settlement account transfer/sweep time will be set to a default time of 23:59 for new merchants set up after 23 January 2023.
For existing merchants (set up prior to 23 January 2023) who do not request a change, this has remained at 20:20 each day.
If there is another time that would suit your business better, you can select from any time that is every 10 minutes of every hour of the day. For example; 11:00, 13:10, 16:20, 18:30, 20:40, 21:50. We also offer a more specific, 59 minutes past the hour option to allow for a true end of (business) day sweep.
To update the Settlement account transfer time or request to add additional sweep times, simply raise a request by submitting a support ticket .
To ensure we can action your request, please provide us with the following:
- Confirmation of the new transfer time(s) you would like
- The rationale for why you would like this change
We will then review the request and look to apply the new transfer time(s) to your Vyne account within 1 business day.
We should note that if the multi-sweep option is enabled, this will generate multiple line items within the Reconciliation report for that day, relative to the number of sweeps we process.
The daily sweep time is set on GMT/UTC - where the timezone has changed to BST/UTC+1, the sweep will run one hour later, and the portal will automatically display the timezone as UTC+1. The reconciliation will not be impacted as it runs once in a 24 hour cycle (unless multiple sweeps are enabled). Please don’t hesitate to contact us if you would prefer to set your sweep to a different time.