Payouts are an integral part of the Ryft ecosystem, allowing Account and Sub-Account holders to withdraw funds from their accounts.
Payouts have two frequencies that either the Main Account holder or Sub-Account holder can manage:
- Daily Payouts: Ryft automatically processes payouts every business day, ensuring that funds are transferred to the account holder's designated bank account.
- Manual Payouts: Account holders can initiate payouts at their discretion, allowing for greater control over when funds are withdrawn. This is particularly useful for businesses that may not require daily access to their funds or prefer to manage cash flow more strategically.
Both of these payout types are managed through the Ryft platform, ensuring a seamless and efficient process for accessing funds.
Irrespective of the payout frequency, it still takes 2 business days for a transaction to be processed and funds to be available for withdrawal. The payout schedule is defined as follows:
| Payment Received | Payout Made |
|---|---|
| Monday | Wednesday |
| Tuesday | Thursday |
| Wednesday | Friday |
| Thursday | Monday |
| Friday | Monday |
| Saturday | Monday |
| Sunday | Tuesday |
A payout goes through different statuses throughout its lifecycle:
| Status | Definition |
|---|---|
| InProgress | The payout has been created in our system and is being processed. |
| PendingReview | The payout has been flagged for a manual review. It will proceed to either InProgress or Failed depending on the outcome. |
| Failed | The payout has been rejected. It may be automatically retried or moved to Returned if a permanent error occurred. |
| Completed | The payout has been successfully submitted. The funds are now on their way to the recipient's bank account. |
| Returned | The payout has been rejected or returned by the bank. The associated funds have been returned to the account's balance. |
Please note: Ryft does not receive notification when payouts have been successfully credited to the bank account.
The time taken for a payout to complete depends on the scheme used to process the payout:
| Scheme | Currency | Cut-off time (UTC) | Availability | Settlement time (days)* |
|---|---|---|---|---|
| Faster Payments (FPS) | GBP | N/A | 24/7 | 0 |
| SEPA Credit Transfer | EUR | 16:45 | Working days | 0 |
| SEPA Instant Credit Transfer | EUR | N/A | 24/7 | 0 |
| FedACH | USD | 20:45 | Working days | 0 |
| Swiss Interbank Clearing (SIC) | CHF | 10:00 | Working days | 0 |
*Estimated working days to complete if submitted before the cut-off time.
Please note: for EUR payouts, Ryft will prioritise the SEPA Instant Credit Transfer scheme, provided the destination bank account supports it.
To learn more about how to manage and configure payouts, please refer to the Payouts section.