PAYMENT, SETTLEMENT &
RECONCILIATION POLICY

This Policy establishes controls for payment processing, settlement, reconciliation, exception management and financial record integrity for transactions associated with CYBERVED AI PRIVATE LIMITED's gift-card, voucher and related services.

• Ensure transaction and settlement records are complete and accurate.
• Reconcile payment, order, voucher and settlement data.
• Identify and resolve mismatches promptly.
• Coordinate effectively with PPI, banking, payment and merchant partners.
• Prevent duplicate settlement, missing credits and incorrect refunds.
• Maintain appropriate financial and audit records.

This Policy applies to relevant customer payments, order records, voucher issuance/redemption values, refunds, reversals, chargebacks, partner settlements, bank credits/debits and reconciliation processes.

Where payment collection, PPI issuance or settlement is performed by an authorised partner, CYBERVED AI PRIVATE LIMITED shall operate according to the applicable agreement and within its lawful role. The regulated partner remains responsible for functions assigned to it by law.

Payments shall be accepted only through approved payment channels and configured partner integrations. Transaction references shall be captured wherever available.

• Order / transaction ID
• Payment reference / processor reference
• Amount and currency
• Date and time
• Product/voucher reference where applicable
• Transaction status
• Refund/reversal/chargeback status
• Settlement reference where available

Settlement shall be received through approved partner arrangements and monitored against expected amounts, settlement cycles, deductions and applicable fees.

Settlement statements or equivalent partner reports shall be obtained and retained where available. Key fields shall be reviewed for completeness and consistency.

Reconciliation shall be performed at an appropriate frequency based on transaction volume, risk, settlement cycle and partner arrangements. Material or high-volume operations should be reconciled regularly.

Where practical, reconciliation should compare internal order/transaction records, payment/processor records and bank/settlement records.

• Transaction present internally but absent from partner records
• Partner transaction absent internally
• Amount mismatch
• Duplicate transaction
• Settlement shortfall/excess
• Unexpected fee or adjustment
• Refund/reversal not reflected
• Chargeback mismatch
• Unidentified bank credit/debit

1. Identify and record the mismatch.
2. Determine the likely source and impact.
3. Check partner/bank records.
4. Escalate where required.
5. Process authorised correction or adjustment.
6. Document evidence and closure.

Refunds and reversals shall be recorded against the original transaction wherever possible and included in reconciliation to avoid duplicate financial impact.

Chargebacks shall be tracked separately and reconciled with payment partner records, customer disputes and applicable financial adjustments.

Material settlement or reconciliation differences shall be raised with the relevant PPI issuer, bank, payment processor or merchant partner through approved channels.

• Segregation of duties where practical
• Authorised access to financial records
• Maker-checker controls for material manual adjustments
• Documented approval for exceptional entries
• Restricted ability to alter settled transaction data
• Audit trails for adjustments

Manual adjustments shall be exceptional, supported by evidence, approved by authorised personnel and recorded with reason, amount, date and reference.

Open reconciliation items shall be tracked with owner, ageing, amount, reason and expected resolution. Material aged items shall be escalated to management.

Where a partner places a settlement hold or delay, the matter shall be documented, monitored and escalated according to contractual and operational procedures.

Where a reconciliation exception affects a customer transaction, customer resolution shall be coordinated under the applicable refund, grievance, unauthorised transaction or dispute policy.

Transaction and settlement data shall be protected against unauthorised alteration, deletion or loss through access controls, backups, logging and appropriate system safeguards.

• Daily/periodic transaction totals
• Expected versus received settlement
• Outstanding reconciliation items
• Refunds/reversals
• Chargebacks
• Partner fees/adjustments
• Material exceptions and ageing

Payment, settlement, reconciliation, adjustment and exception records shall be retained for the applicable legal, regulatory, contractual and internal retention period.

Reconciliation controls may be periodically tested through sample checks, exception reviews, partner confirmations and internal or external audit.

Unusual payment or settlement activity shall be escalated under the Fraud Prevention & Transaction Monitoring Policy and AML/CFT Policy where relevant.

Critical payment and reconciliation records and procedures shall be included in appropriate business continuity and disaster-recovery arrangements.

Exceptions to standard payment or reconciliation controls shall be documented, risk-assessed and approved by authorised management.

This Policy shall be reviewed at least annually and whenever there is a material change in payment methods, settlement arrangements, partners, transaction systems or applicable requirements.