Settlement account
Your settlement account is the bank account NetApps InsureTech pays your premiums into. You set it, with your settlement terms, in the Settlement card on the Profile screen. You need it before discovery can run and before you can go live.
Who can change itlink
Owners and admins of your company can change the settlement account and terms. Members cannot, whatever permission groups they hold. Every change of settlement account is recorded in the NetApps InsureTech audit log.
Choose a settlement modellink
The Settlement model field offers two models:
| Model | Value in your capabilities document |
|---|---|
| End-of-month reconciliation | EOM_RECONCILIATION |
| Next business day remittance | NEXT_DAY_REMITTANCE |
The model you choose here must match the settlement model your API declares in its capabilities document (payment.settlementModel). If they differ, discovery reports the mismatch and blocks activation until you change one so they match.
Add your bank accountlink
- Open Profile and scroll to Settlement.
- Choose your Settlement model.
- Choose your Bank. The list loads from the NetApps InsureTech payment rail.
- Enter your 10-digit Account number.
- Wait for the Account name to fill in. The field shows "Looking up the account name…" and then "Account name confirmed by the bank". You cannot type the account name yourself.
- Check the Settlement currency. It starts with your company currency.
- Select Save profile. The screen shows Profile saved.
Keep or replace the account on filelink
Once an account is on file, the field label shows it, for example "Account number (on file: …)".
- To keep it, leave Account number blank. The placeholder reads "Leave blank to keep the account on file".
- To replace it, choose the bank, enter the new account number and wait for the account name to be confirmed.
If you change the bank or the currency, you must also enter an account number. Until you do, Save profile is disabled and the screen says "Enter the new account number, or put back the bank and currency on file, before saving."
How the account is verifiedlink
- When you enter the account, the bank confirms the account name.
- Before a payout, NetApps InsureTech checks the account with NIBSS. You do not need to do anything. If NIBSS cannot verify the account, that payout is refused until you save a valid account.
Other settlement fieldslink
| Field | Required | What it does |
|---|---|---|
| Remittance email | No | Where NetApps InsureTech emails remittance advice after each live payout settles. |
| Transfer business days | No | A whole number from 1 to 10. |
| Holidays | No | Your non-working days, one YYYY-MM-DD date per line. Commas also work. |
| Message | What to do |
|---|---|
| Transfer business days needs to be a whole number between 1 and 10. | Enter a whole number from 1 to 10, or leave it empty. |
| Enter holidays as calendar dates in the form YYYY-MM-DD. | Fix the dates the message lists. |
Why the account matterslink
- Setup checklist: "Settlement account" stays open until an account is on file, so discovery and Move to Sandbox wait for it.
- Go-live checklist: a missing account blocks going live.
- Payouts: payouts also need your RC number on file. See Organisation profile.