CONTACTLESS PAYMENT PROCESSING AND SETTLEMENT WORKFLOW

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[ ] Fetch Pending Transactions: Retrieve all unprocessed payment entries from the Transaction Data Model.
[ ] Update Transaction Status to 'Processing': Update the status of the retrieved transactions to prevent duplicate processing.
[ ] Get Merchant Configuration: Fetch merchant-specific fee structures and settlement bank details from the Merchant Data Model.
[ ] Calculate Transaction Fees: Calculate the processing fee by applying the merchant's percentage rate to the transaction amount.
[ ] Calculate Net Settlement Amount: Subtract the calculated fees and taxes from the gross transaction amount to determine the final payout.
[ ] Sum Total Daily Volume: Aggregate the total value of all processed transactions to determine the total daily settlement batch size.
[ ] Fraud Verification Task: Create a high-priority task for the Risk Management team if a transaction exceeds a specific threshold.
[ ] Create Settlement Batch: Create a new entry in the Settlement Batch Data Model containing the aggregated totals and transaction references.
[ ] Update Batch Status to 'Pending Settlement': Update the newly created settlement batch status to indicate it is ready for bank transfer.
[ ] Finance Approval Task: Assign a task to the Finance Officer to review and authorize the daily settlement batch.
[ ] Update Batch Status to 'Settled': Mark the settlement batch as 'Settled' once the finance approval task is completed.
[ ] Notify Merchant of Settlement: Send an automated email to the merchant with a summary of the settled amount and fees deducted.
[ ] Alert Security Team: Send an SMS alert to the security lead if any transaction was flagged during the Fraud Verification Task.
[ ] Generate Daily Reconciliation Report: Create a PDF/CSV report comparing processed transactions against bank transfer logs for the day.
[ ] Finalize Transaction Status: Update all individual transaction entries to 'Completed' status after successful batch settlement.

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