External Settlement of Credit Card and Bank Accounts

A customer or a deploying organization can integrate Receivables with their legacy application. Receivables handles the billing and receipt creation, but the actual credit card account handling and integration with service provider may be outside Oracle Cloud. Receivables can record these transactions. However, the

You can now manage these transactions seamlessly on Oracle Cloud, without creating a settlement batch or transmission. This option adds the flexibility to meet bank-specific, region-specific, or regulatory compliance requirements.

Here's how you enable this feature:

1. In the Setup and Maintenance work area, go to the Manage Funds Capture Process Profiles task:

   1. Offering: Financials

   2. Functional area: Payments

   3. Task: Manage Funds Capture Process Profiles

2. Select the processing type and click Create.

   Note: This option is available for all three processing types (Credit Card, Debit Card, and Bank Account).

3. Select the Use for external settlement check box.

   Note: Use the external payee bank account as the routing rule condition. The invoice should also use the same routing rule.

How External Settlement is Processed

When the automatic receipt processing is complete, the authorization and verification status of the receipt is marked as Succeeded. This doesn't involve any actual processing with the payment system.

Similarly, when you create and submit a remittance batch, the settlement is automatically updated with a Succeeded status. You need not create a settlement batch or submit offline transactions.