Remittances, payouts and reports
The Settlement screen shows what NetApps InsureTech owes you for the policies sold through it, how each payout is going, and reports for any period. It has two tabs: Remittances and Report.
How money flowslink
NetApps InsureTech collects the premium from the merchant at the price your API quoted. For each period it raises a remittance to you: the gross premium, less the NetApps InsureTech commission, gives the net amount. A payout then sends that money to your settlement account.
Generating remittances, initiating transfers and approving adjustments are NetApps InsureTech actions. You cannot do them from the console.
Remittances tablink
| Column | What it shows |
|---|---|
| Remittance | The remittance id. Select it to open the detail. |
| Period | The dates the remittance covers. |
| Status | For example PENDING, ACKNOWLEDGED or DISPUTED. |
| Direction | Which way the money moves. |
| Settlement model | The settlement model it was raised under. |
| Gross | The total premium. |
| Commission | The NetApps InsureTech commission. |
| Net | The amount due after commission. |
| Lines | The number of line items. |
| Transfer | The transfer method and reference, or Not initiated. |
To narrow the list, type a status code such as PENDING in Status.
Open a remittancelink
Select a remittance id. The detail panel has up to four parts.
Lineslink
Each line shows its type, the transaction or purchase id, the policy number, and its gross, commission, net and tax withheld amounts, with any note.
Transferlink
Once a transfer is initiated: its method, reference, account and value date. Before that, Not initiated.
Payoutlink
When NetApps InsureTech has raised a payout for the remittance, the Payout section shows its status, value date, amount, transfer fee, VAT on the fee and total debit. Below that is the transfer's status history, each step with its time and reason.
| Payout status | What it means for you |
|---|---|
PREPARED, AWAITING_FUNDS | The payment is computed but not approved or sent. If funds are short, the reason is shown. |
AWAITING_APPROVAL, APPROVED | It is in the NetApps InsureTech approval queue, or approved and waiting to be sent. |
EXECUTING, PENDING_SETTLEMENT | It is with the payment rail. |
SETTLED | Paid. The payment reference appears with a copy button. Quote it to your bank. |
FAILED | The rail refused or reversed it. The reason, the amount refunded to NetApps InsureTech and the time are shown. |
REJECTED, CANCELLED | It was stopped. A cancelled payout shows the reason and time. |
Discrepancieslink
If NetApps InsureTech found differences while reconciling the remittance, they appear at the end of the panel.
Payout emailslink
- When a live payout settles, every active member of your team gets an email.
- If you set a Remittance email in your settlement terms, remittance advice goes to that address after each live payout settles. See Settlement account.
Report tablink
The Report tab summarises a period.
- Set From and To. The tab opens on the last 30 days.
- Choose Test or Live.
- Read the report, or select Download bordereau (CSV).
| Section | What it shows |
|---|---|
| Quotes, Purchases, Policies, Claims | Counts by status. "Nothing in this period." if there are none. |
| Purchases by currency | Count and gross amount for each currency. |
| Settlement by currency | Number of remittances, gross, commission and net for each currency. |
Amounts are never added up across currencies. The report shows when it was generated. Settlement only happens in live, so a test report has an empty settlement section.
Download the bordereaulink
Download bordereau (CSV) downloads a CSV file for the period and environment you chose. The file holds the first 5,000 rows of each kind. If your period has more, the tab says so: choose a shorter period and download again.
Who can see settlementlink
Owners and admins see everything on both tabs, including payouts. Members need the Money group (or Viewer) to see remittances and reports.