Overview
Alipay+ provides a set of financial reports to help the Mobile Payment Providers (MPPs) reconcile the transactions and settlements. MPPs can download and use these reports to perform reconciliation.
Basic concepts
This section introduces the basic concepts used in this document.
Clearing
Clearing means the process of transmitting, aggregating, and netting transaction data and relevant fees for payments and refunds, prior to settlement. Clearing results are concluded in clearing reports. For more information about the clearing reports, see Reports.
Settlement
Settlement means the process of calculating the net settlement amount concerning each Partner in Settlement Reports. As well as the relevant party completing the settlement funds transfer on the settlement day for all payments and refunds (and any other amounts) that are cleared during a settlement cycle. For more information about the settlement reports, see Reports.
When discrepancies exist, Alipay+ first completes the settlement process before initiating the discrepancy resolution process.
Exchange rate
When the transaction currency and the settlement currency differ, the exchange rate used for the exchange from the transaction amount to the settlement amount is the same as that used for the original transaction. The Settlement Report does not contain the exchange rate. The exchange rate is only contained in the API requests of the original transaction:
- For payments: the value of the paymentQuote parameter in the pay/userInitiatedPay API.
- For refunds: the value of the refundQuote parameter in the refund API.
Fees
There are two types of fees:
- Interchange fee: the fee that the ACQP pays to the MPP for a transaction.
- Service fee: the fee that the MPP pays to Alipay+ for a transaction.
The MPP charges interchange fee from the ACQP and is charged by Alipay+ for the service fees.
For example, in the following figure:
- The user pays 1000 LLC for a transaction.
- The MPP charges 13 LLC interchange fees from the ACQP and Alipay+ charges 4 LLC service fees from the MPP.
- As a result, for this transaction, the MPP settles 991 LLC to Alipay+.
Note: The fee rates in the example above are for reference only. The actual fee rate is determined by your contract with Alipay+.
Cycles
The clearing cycle and the settlement cycle are defined in UTC+8 time.
Clearing cycle
Alipay+ performs clearing with MPPs every T+ 1 day, of T day's transactions from 00:00:00 to 23:59:59, UTC+8, including holidays.
Settlement cycle
Settlement cycle is the frequency at which the MPP settles funds to Alipay+ for all the payments and refunds during a clearing cycle. By default, the settlement cycle is every T+1 day, which is the settlement day. For MPPs, the settlement day is the first Local Business Day following the end of the Settlement Cycle.
Even when the settlement cycle is T+1, a settlement cycle can contain multiple clearing cycles when:
- A settlement cycle contains the previous clearing cycles on holidays.
- Some previous clearing cycles might have no funds being credited to Alipay+ and no settlement is done.
Local Business Day
Local Business Day means, in respect of an MPP, a day on which all banks are open for general banking business in the business territory of that MPP, excluding a Saturday, Sunday, or public holiday in that business territory.
Common Business Day
In respect of Alipay+ Core Operator and an Acquiring Partner, a day on which (i) all banks are open for general banking business in the jurisdiction where Alipay+ Core Operator's relevant Settlement Account is located, China (including Hong Kong) and New York, excluding a Saturday, Sunday or public holiday in any such jurisdiction, and (ii) settlement is available for the Acquiring Partner's Settlement Currency according to market conventions.
Reports
This section provides information on how to select and download a report.
Report and reconciliation tasks
Financial reports consist of the clearing reports and the Settlement Report. The following table contains basic information about each report and what tasks a report is designed to perform:
Clearing reports
Name | Description | Tasks |
Transaction Detail Report | Transaction Detail Report specifies the transaction details for payments and refunds that are cleared during a clearing cycle and are to be settled in a certain currency. The detailed information includes the transaction count, type, time, amount, transaction ID, the ID of the involved parties, and the fees of each transaction. | Used to check the transaction amount and settlement amount of each transaction that is cleared during the clearing cycle and to be settled in a certain currency. |
Fee Report | Fee Report summarizes the fee totals for transactions that are cleared during a clearing cycle and are to be settled in a certain currency. Also, fee details such as the amount, currency, type, time of each fee, and the ID of the related transactions are included. | Used to check the fee amount of each transaction that is cleared during the clearing cycle and to be settled in a certain currency. |
Transaction Summary Report | Transaction Summary Report summarizes the total amount of transactions that were cleared during a clearing cycle and are to be settled in a certain currency. If there is only one clearing cycle in the settlement cycle, the total settlement amount in the Transaction Summary Report and the one in the Settlement Report are the same. | Used to check the total settlement amount of all the transactions that are cleared during the clearing cycle and to be settled in a certain currency. |
Generation schedule | ||
All clearing reports are generated at 08:00 AM UTC+8 on T+1 day on a daily basis, including holidays. | ||
Settlement Report
Name | Description | Tasks |
Settlement Report | Settlement Report states the net settlement amount in a certain currency payable or receivable by the MPP for the settlement cycle. Also, the net settlement amount, net transaction amount, and the respective currencies for every clearing cycle within the settlement cycle are included. | Used to check the total settlement amount of all the transactions that are cleared during the settlement cycle and are settled in a certain currency. |
Generation schedule | ||
Settlement Reports are generated at 08:00 AM UTC+8 on the agreed settlement date (T+1 by default). Only on Local Business Days. | ||
Note: Reports generated by Alipay+ use Line Feed (LF) as the line break.
For more information about the reports, such as samples, report structures, and naming conventions, see:
Download reports
You can download reports in the Alipay+ Partner Workspace or from the SFTP server. For more information on how to download a report, see Download reports.
How to perform reconciliation
You need to record your transactions and reconcile your records with the reports sent by Alipay+. For more information about this topic, see Perform reconciliation.
Handle exceptional cases
You might encounter problems when performing reconciliation. Handle exceptional cases presents typical exceptional cases that might be encountered and the corresponding resolutions.