Auto-Close

Auto-Close is an automated process utilized within electronic payment systems where daily batches of transactions are systematically summarized and transmitted for end-of-day settlement. This procedure is scheduled to occur at a pre-determined time each day, ensuring that all transactions processed during that day are accounted for and sent to the payment processor or acquiring bank for final settlement. Auto-Close helps streamline the operational aspects of financial management by automating the reconciliation process, minimizing human error, and ensuring that financial records