RANAPAY INDIA PRIVATE LIMITED

This Policy establishes the framework for payment processing, settlement, reconciliation, exception management and financial record controls for transactions handled by RanaPay in connection with gift cards, gift vouchers and virtual products.

RanaPay shall operate according to its actual contractual and regulatory role. Where payment processing, PPI issuance, settlement or customer funds are controlled by an authorised PPI issuer, bank, payment processor, merchant or other partner, RanaPay shall follow the applicable agreement, partner procedures and legal requirements.

• Ensure accurate transaction and settlement records.
• Reconcile transaction, redemption, refund and settlement data.
• Detect and resolve financial exceptions promptly.
• Prevent duplicate, incorrect or unauthorised settlement.
• Maintain segregation of duties and approval controls.
• Support audit, partner and regulatory requirements.

This Policy covers customer payments, gift-card/voucher issuance, activation, redemption, refunds, reversals, chargebacks, partner settlements, fees, commissions, adjustments, reconciliation and related financial records.

Each payment flow shall have a documented transaction lifecycle showing the customer payment channel, processing entity, product/partner, transaction status, settlement destination and reconciliation source.

• Only approved payment gateways, banks, payment processors and partner channels may be used.
• Payment channels shall be subject to due diligence and contractual approval.
• Changes to payment channels require documented approval and testing.

Each transaction shall, where technically available, be traceable using unique identifiers such as order ID, transaction ID, payment reference, partner reference, issuer reference, redemption reference or settlement reference.

• Initiated
• Payment pending
• Payment successful
• Payment failed
• Issued/activated
• Redeemed
• Refund initiated
• Refund completed
• Reversed
• Chargeback
• Cancelled

Status transitions shall be recorded in the relevant system and shall be consistent with partner records where applicable.

1. Receive settlement statement/report from responsible partner.
2. Match settlement items with internal transaction records.
3. Identify fees, refunds, reversals and adjustments.
4. Investigate unmatched items.
5. Approve settlement accounting.
6. Record financial entries.
7. Close reconciliation for the relevant cycle.

Settlement frequency shall be determined by the applicable bank, PPI issuer, payment processor, merchant or partner agreement. Expected settlement cycles and cut-off times shall be documented.

Reconciliation shall compare relevant internal records against external partner/bank/payment statements for the applicable period.

• Transaction count
• Gross transaction value
• Refunds
• Reversals
• Chargebacks
• Fees
• Taxes/adjustments where applicable
• Net settlement
• Unmatched items

Where appropriate, reconciliation may compare customer/order records, payment processor records and PPI/bank/merchant settlement records to establish transaction completeness and accuracy.

• Missing settlement
• Duplicate settlement
• Incorrect amount
• Unknown transaction
• Settlement delay
• Unexpected fee
• Refund not reflected
• Chargeback mismatch
• Partner data mismatch

Each material exception shall have an owner, status, ageing and closure evidence.

Unmatched transactions shall be investigated using transaction identifiers, payment reports, system logs and partner communication. Unresolved material items shall be escalated to Finance and Compliance/Management.

Refunds and reversals shall be matched to the original transaction wherever practicable and recorded separately from new customer transactions. Processing shall follow Policy No. 08.

Chargebacks shall be tracked from receipt through response, outcome and financial reconciliation. Relevant evidence shall be preserved according to the applicable payment/partner process.

Partner fees, commissions, service charges and other deductions shall be checked against contractual terms and settlement statements. Material discrepancies shall be investigated.

Financial and tax accounting shall be maintained in accordance with applicable accounting and tax requirements. Finance shall coordinate with the responsible accounting/tax function for appropriate treatment.

• Payment/transaction operations
• Settlement review
• Reconciliation
• Approval of adjustments
• Accounting entry
• Final review

Where practicable, these activities shall be performed or approved by appropriately separated personnel.

Manual financial adjustments shall be exceptional, documented, supported by evidence and approved by an authorised person. The reason, amount, reference and approver shall be recorded.

Where settlement is delayed or placed on hold by a partner, the case shall be tracked with the reason, amount, expected resolution and escalation status. RanaPay shall not represent a settlement as completed until confirmed.

Partner Management and Finance shall maintain documented contacts, settlement procedures, escalation paths and relevant service expectations for PPI issuers, banks, payment processors, merchants and other financial partners.

Financial reconciliation exceptions that indicate potential fraud, manipulation or unauthorised activity shall be escalated under the Fraud Prevention & Transaction Monitoring Policy and Unauthorised Transaction Policy, as applicable.

Access to settlement files, bank/payment statements and financial systems shall be restricted to authorised personnel. Sensitive financial data shall be protected and logged where appropriate.

• Transaction reports
• Settlement statements
• Reconciliation files
• Refund/reversal records
• Chargeback records
• Fee statements
• Adjustment approvals
• Partner communications
• Exception closure evidence

Records shall be retained in accordance with applicable law, contractual requirements and RanaPay's Data Protection, Privacy & Retention Policy.

• Review failed/pending transactions
• Check settlement receipt
• Reconcile transaction totals
• Review material exceptions
• Track aged unmatched items
• Confirm refunds/reversals
• Escalate material discrepancies

• Settlement received vs expected
• Reconciliation status
• Outstanding exceptions
• Ageing
• Refund/chargeback exposure
• Partner discrepancies
• Financial adjustments
• Material incidents

Periodic reviews may test completeness, accuracy, approval controls, reconciliation evidence, exception handling, access rights and partner settlement compliance.

Critical settlement and reconciliation processes shall have appropriate backup procedures so that essential financial controls can continue during system or partner disruptions.

Exceptions shall be documented, risk-assessed and approved by an authorised function. No exception may override mandatory legal, regulatory or contractual requirements.

This Policy shall be reviewed at least annually and whenever there is a material change in payment flows, partner arrangements, settlement processes, technology or applicable requirements.