If the client has not given Running Account Authorization (either for 30 days or 90 days), the funds will be settled with one working day of payout. This is called Daily Settlement.
If the client has given Running Account Authorization, the funds will be settled once in 30 days or 90 days as per the authorization given. This is called Running Account Settlement.
Further, during the quarter or month, if the client account balance moves from credit to debit due to purchase or M2M, system will consider the transaction as settled and send the confirmation of settlement to the client. This process is marked in the system as Secondary Settlement and is treated as Running Account Settlement without actual settling of funds.