Alipay+ provides a set of financial reports to help Acquiring Service Providers (ACQPs) reconcile the transactions and settlements. ACQPs can download and use these reports to perform reconciliation.
This section introduces the basic concepts used in this document.
Clearing means the process of transmitting, aggregating, and netting transaction data and relevant fees for Original Credit Transactions (OCTs), prior to settlement. Clearing results are concluded in clearing reports. For more information about the clearing reports, see Reports.
Settlement includes two aspects:
- The process of calculating the net settlement amount concerning each Partner in Settlement Reports;
- The process of settlement funds transfer on the settlement day, for all the OCTs that are cleared during a settlement cycle.
For more information about the settlement reports, see Reports.
When discrepancies exist, the ACQP needs to first complete the settlement process before initiating the discrepancy resolution process.
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 transaction. The exchange rate is not contained in the Settlement Report.
For OCTs, Alipay+ charges service fees from the ACQP. The fees are added to the settlement funds from the ACQP to Alipay+.
For example, in the following figure:
- The ACQP pays 10 EUR for a transaction.
- Alipay+ charges a 0.1 EUR service fee from the ACQP.
- The ACQP pays 0.1 EUR to Alipay+.
- As a result, for this transaction, the ACQP settles 10.1 EUR to Alipay+.
Note: The fee rate in the example above is for reference only. The actual fee rate is determined by your contract with Alipay+.
The clearing cycle and the settlement cycle are defined in UTC+8 time.
Alipay+ performs clearing with ACQPs every T+ 1 day, of T day's transactions from 00:00:00 to 23:59:59, UTC+8, including holidays.
Settlement cycle is the frequency at which the ACQP settles funds to Alipay+ for all the transactions during a clearing cycle. By default, the settlement cycle is every T+1 day (the settlement day, and must be a Common Business Day). The length of an actual settlement cycle can vary.
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 the ACQP and no settlement is done.
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.
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:
Transaction Detail Report
Transaction Detail Report specifies the transaction details for OCTs 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 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.
All clearing reports are generated at 08:00 AM UTC+8 on T+1 day on a daily basis, including holidays.
Settlement Report states the net settlement amount in a certain currency payable by the ACQP 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.
Settlement Reports are generated at 08:00 AM UTC+8 on the agreed settlement date (T+1 by default). Only on Common 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:
You can download reports 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.