There are two methods of settlement currently employed by the various providers with which STORIS is partnered.
The first method is a "one-step" process (similar to credit card), and is used by most of the providers currently partnered with STORIS.
Using this process, the system transmits detailed transactions of the day’s activity to the provider and then receives a response immediately.
Upon receipt of the response, all required processing on the STORIS system is completed. (The items are marked "settled" and moved to history.)
The Report Financing Settlement (Settlement Report) is produced following settlement completion.
The one-step method is currently used by most of the providers, with the exception of Citi Finance.
The second method is a "two-step" process and is used currently by Citi Finance.
Step one is the creation of a batch record containing all of the required transactions and transmission of the record to the finance provider.
In the second step of this process, the batch is processed by the finance provider overnight and the response file is retrieved the next day, using the Finalize Financing Settlement (Settlement Completion) process.
With the two-step method, the STORIS required processing cannot be completed until the response is received.
The Settlement Report is produced following settlement completion.