Payment and settlement
Musika holds the commercial record. Our settlement partner provides the payment environment. Two systems, one shared reference, and a rate that does not quietly change after you agreed it.
A payment system on its own knows that one party sent an amount to another. It does not know what was being bought, in what quantity, against which quotation, to which destination, or whether the goods arrived. Keeping the marketplace record and the payment record joined by a shared reference is what makes a marketplace transaction answerable.
When the order reaches the right stage, Musika raises a payment instruction carrying the order reference, buyer reference, amount, transaction currency, intended settlement currency, beneficiary and marketplace.
The payment environment returns a financial transaction reference, which is stored against the Musika order.
Financial status updates come back from the payment environment. An order is never marked paid because a member of staff changed a status by hand.
One commercial order can carry several financial transactions: a deposit and a balance, a staged payment, a partial settlement or a refund. The order holds them all.
Order values are compared against transaction records, fees, settlements, reversals and refunds. Mismatches go to a finance exception queue rather than being discovered later.
Where conversion is involved we record the source amount, the conversion rate, when that rate was taken or how long it is valid, any charge, and the resulting amount you were quoted. The accepted quotation keeps the rate that was applied.
Quotation, acceptance, payment and settlement may be several days apart on a cross-border order. Without a historical record there is no way to establish how the final value was arrived at. So we keep one.
Every buyer quotation carries a validity period. If it expires or a cost changes, we issue a new version and keep the previous one. An accepted quotation is not edited underneath you.
Install Musika