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What are the banking settlement periods set to for the Bank Recon Report?

Each bank  has differing settlement periods and hence the MyGate Bank Recon report may be slightly out depending on the time the Bank pays the daily settlement batch to your business bank account. We align our Bank Recon Report for each of the banks respective 24 hour settlement time frames: 

 

  •     ABSA                             21H00 – 21H00
  •     Standard Bank            22H00 – 22H00
  •     FNB                               01H45 – 01H45
  •     Nedbank                      21H00 – 21H00

 

Please Note: To get an accurate report on what was settled daily you can request a mark-off or settlement file from your merchant bank directly. 

 

Click here to contact your bank's merchant services department.

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