Settlement
From auction close to issuer settlement
The operational flow from auction close through funding, reconciliation, and issuer payout.
Auction closes
At the scheduled close, the best valid bid is recorded as the winner and the corresponding investor funds remain reserved. The result is written to the auction event trail.
Investor funding becomes controlled
Investor deposits receive unique references and become available after trust-account reconciliation. A winning bid transfers value from available to reserved balance.
Payment reference reconciliation
Bank entries are matched using external IDs, exact references and amounts. Unknown references or amount differences create exceptions for finance operations.
Settlement approval
Final settlement uses the winning bid and effective fee schedule. An administrator checks gross settlement, platform fee, tax and net issuer payout before approval.
Issuer payout and investor position
A different administrator records the bank release under maker-checker control. The ledger records the movement, the invoice becomes funded and the investor position activates through maturity.