Settler

The Settler component supports the Router component in effecting the settlements for payments cleared in the Clearer component. Each payment transaction is settled individually against settlement accounts maintained in the Ledger component for PSPs and PSUs connected to a Tapestry instance. As each payment transaction is individually cleared and settled in real-time the paradigm for settlements is RTGS.

When the Router has resolved the sending and receiving PSPs of a payment transaction through a call to the Clearer, the Router must effect the settlement of the payment transaction. This is done through a call to the Settler. As parameters of the call the Settler receives, at minimum, an amount and the settlement accounts to debit (sending PSP’s account) and credit (receiving PSP’s account). The Settler in turn leverages the Ledger component to record the settlement of the payment transaction.

The API the Settler provides to the Router for is modelled after the Y-Copy service of the SWIFT FIN network. A synchronous authorisation request is sent from the Router to the Settler. If the sending PSP has sufficient balance on their settlement account, the payment transaction between the sending and receiving PSPs is recorded, and a successful authorisation response is returned. If settlement account balance of the sending PSP is insufficient, the settlement of the payment transaction is declined.