What is Westpac’s settlement process?

Here's how their settlement works:

Westpac offers a comprehensive range of banking and cash settlement services that support both everyday and high-volume business transactions. For retail and business customers, instant settlement is available for EFTPOS transactions processed before 9:30 PM (Sydney time), provided funds are settled into an eligible Westpac business transaction account. This applies to Mastercard®, Visa®, eftpos, and UnionPay transactions—enabling same-day access to funds and improving cash flow. For mobile businesses, EFTPOS Air provides fast, app-based payment processing with same-day settlement for transactions made before the 8:50 PM cut-off, seven days a week.

Here is a summary table:

How do I qualify for same-day ACH transfers with Westpac?

Westpac does not use ACH but supports same-day payments through Australia's NPP system. Eligibility depends on account configuration and whether both sender and recipient support real-time payments.

What is Westpac's cut-off times for domestic and international wire transfers to guarantee same-day settlement?

Westpac’s domestic wire transfers should be submitted by 4 PM AEST for same-day processing. International wire transfers typically have a 3 PM AEST cut-off. However, exact timings can vary depending on the recipient country and currency, so double-check with your local branch or business banking portal.

How quickly are card payments settled through Westpac?

Westpac card payments are generally settled within 1 to 2 business days. EFTPOS transactions may be processed same-day depending on the merchant's settlement configuration and terminal setup.

Does Westpac integrate with common accounting or ERP software to streamline reconciliation?

Westpac integrates with popular Australian accounting platforms like Xero and MYOB through its BankRec and QuickStream services, making reconciliation efficient and streamlined.

How Receiptor Helps Accountants with Settlement Needs

Managing settlements—whether it's reconciling ACH payments, wire transfers, or card transactions with Westpac—can get messy fast. Receiptor simplifies the process with automation, visibility, and smart syncing.

1. Centralize Receipts and Payment Proofs Instantly

Receiptor captures and stores all your receipts, invoices, and disbursement documents in one secure dashboard. No more digging through emails or folders when clients ask for proof of settlement.

• Automatically extracts and tags key details like amount, date, and payee
• Supports multi-format uploads (PDFs, emails, scans, etc.)
• Uses AI to detect transaction types (ACH, wire, card)

2. Match Transactions Automatically

Receiptor’s AI matches receipts with bank feeds or settlement records to help accountants stay audit-ready without lifting a finger.

• Automatically reconciles payments to invoices
• Flags mismatches or duplicates for manual review
• Supports bulk imports from ERP/accounting systems

3. Export Audit-Ready Reports in Clicks

Whether it’s month-end or tax season, Receiptor makes it easy to compile clean, audit-ready files that reflect actual settlements.

• Download reconciled reports by payment type, client, or date
• Export to CSV, Excel, or directly to your accounting software
• Ensure compliance with local and international recordkeeping requirements

4. Integrate with Your Accounting Stack

Receiptor works with your existing tools, making settlement reconciliation seamless.

• Integrates with Xero, QuickBooks, SAP, and more
• API-ready for custom workflows
• Syncs with bank feeds and card processing platforms

5. Track Settlement Timelines & Exceptions

Need to know if that wire hit the account or why your Westpac card payment hasn’t cleared? Receiptor helps you monitor and troubleshoot fast.

• Real-time status tagging (e.g. “Pending”, “Cleared”, “Exception”)
• Comment and note history for each transaction
• Transparent logs for client or auditor access

For more information about Westpac's settlement process, you can visit this link.

Found this article helpful?

Read on to find out more about Receiptor AI.

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• Receiptor AI: A Founder's Vision for Automated Bookkeeping