Settlements

The movement of money from the debit account to the credit account is called settlement. In this process, money debited from the debit account is initially held by our partner bank before crediting it to ZWITCH virtual accounts.

Our partner banks follow the standard settlement cycle for UPI payments as T+1 days.

Now, ZWITCH uses the standard settlement cycle for UPI payments as T+1 working days, similar to our partner bank (where T is the transaction creation date).

As soon as ZWITCH receives the payments from our partner bank, the payments captured are instantly reflected in your virtual collection account.

We send a payments.updated webhook event as soon as the payment settlement status is updated.

{
  "id": "evl_tbs3NybYGbbjP5MMzptoFyU3W",
  "object": "event",
  "name": "payments.updated",
  "is_sandbox": false,
  "data": {
    "object": {
      "id": "tx_LDOr1fte7Npd5xBTS6BMGuRd6",
      "object": "payment",
      "type": "collect",
      "account_id": "va_MXzw7ioW4NSgnuYDMbePHK3Cy",
      "amount": 1,
      "currency": "inr",
      "transacted_at": 1658741496,
      "bank_reference_number": "220601609446",
      "status": "success",
      "remitter_bank_account_number": "XXXXXX5640",
      "remitter_bank_ifsc_code": "HDFC0000123",
      "remitter_full_name": "Anil Reddy",
      "remitter_note": "Lego Death Star",
      "remitter_vpa_handle": "9876543210@examplebank",
      "paid_mode": "upi",
      "paid_to": "anilreddy@examplebank",
      "transaction_reference_id": "418ab972d9bc4b44834c3d5a2eb95315",
      "remark": "Lego Death Star",
      "merchant_reference_id": "1000248",
      "expiry_in_minutes": 3,
      "mandate_id": null,
      "metadata": {
        "key_1": "DD",
        "key_2": "XOF"
      },
      "is_sandbox": false,
      "link": null,
      "created_at": 1658741486,
      "is_settled": true,
      "settled_at": 1658742486
    }
  }
}