Mobiliser Platform includes a complete account-management system that supports a clearing and settlement engine, and general ledger capability.
When a financial transaction successfully completes, the account management component retrieves all the transaction data and creates a single booking for each part of the financial transaction. The transaction itself is split into a debit and a credit booking. The same applies to all fees related to a transaction. Each booking affects one account.
Clearing closes all open bookings that match the specified criteria, and creates payment entries in the database. The clearing frequency determines the interval at which an account is cleared: daily, weekly, or monthly. Clearing can be done hierarchically, meaning that multiple payment instruments are cleared to a single account.
Results of the clearing process are payments, which are exported as either settlement instructions to a financial institution, or reconciliation files to a third party.
Payment instructions include a payment method and the details necessary to perform the payment. For example, if a payment method is a credit card, the payment instructions include the payment amount, the card holder's name, billing address, account number, and expiration date.
Compares two sets of records to verify they are in agreement: used to ensure that the money leaving an account matches the actual money spent.