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June 4, 2019

JIT Funding Reports

Just-in-Time (JIT) Funding reports enable you to monitor and reconcile your JIT Funding transactions. For detailed information on JIT Funding, see About JIT Funding.

This guide explores Marqeta’s JIT Funding report capabilities, which can help you reconcile transactions, purchases, loads, and money movement. The following sections describe the reports and data fields you should utilize, the complete lifecycle of a JIT transaction, and how to reconcile transactions with fund flows. For terminology definitions relevant to JIT transactions, see JIT Funding terminology at the bottom of this page.

JIT transaction lifecycle

For both physical and virtual cards, the lifecycle of a JIT transaction begins with an authorization at the time of purchase. When a card is used to make a purchase, an authorization is sent to the Marqeta platform from the card network. The Marqeta platform then sends a JIT authorization request to your JIT gateway.

Utilizing business logic you’ve built in, your JIT gateway sends a response back to the Marqeta platform either approving or declining the authorization request. If your JIT gateway approves the authorization request, the Marqeta platform issues a JIT Load to the GPA associated with the card. The authorization request and the JIT Load occur on the same day.

When the card network sends the Marqeta platform a clearing record for the transaction (usually a day or more after the original authorization), the Marqeta platform performs both a JIT Unload and a Partner Funds Load. The Partner Funds Load represents the actual movement of funds to cover the cleared (settled) transaction. The following diagram shows the stages of a normal JIT transaction.

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Because JIT cards do not carry a balance, the initial movement of funds from your program funding source to the settlement account occurs at the time of authorization through a JIT Load. In order to complete the movement of funds, clearing records have a JIT Unload to “offset” the JIT Load in addition to a Partner Funds Load equal to the settled amount. In practice this means:

  • A JIT Load equals the associated authorization amount (for example, if the Authorization was for $100, the JIT Load should be for $100).

  • A JIT Unload is the negative equivalent that offsets the initial JIT Load amount (for example, if the Authorization was for $100, the JIT Load should be for $100 and the JIT Unload should be for -$100).

  • A Partner Funds Load equals the associated card network clearing (for example, if the card network clearing amount is -$105, the Partner Funds Load should be for $105).

Note
For a given transaction, an authorization amount does not always equal the clearing amount, in which case the associated JIT Loads and Partner Funds Loads might not be equal. This might be due to tips or other adjustments that were not included at the time of authorization but were included in the clearing amount sent by the merchant to the card network.

Mapping the JIT transaction lifecycle to reports

The Data Insights, Visualizations, and Analytics (DiVA) application provides reports that include information about JIT transactions. You can find useful information in the Authorization, Loads, and Settlement reports. The tables below show the fields from these reports that provide information on the lifecycle of a JIT transaction. Fields highlighted with color correspond to fields from the other reports highlighted with the same color. For details on how to access JIT-related fields in the DiVA reports, see Using Reports to View JIT Transaction Information later on this page.

Authorizations Detail report

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Loads Detail report

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Settlements Detail report

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JIT reporting calculations and reconciliation

Reconciliation of standard transactions involves examining the Partner Funds Loads moving money into a GPA and the clearing records moving money from the GPA. In the case of a JIT transaction, the objective of tracking money movement is the same, but also includes the addition of JIT Loads and JIT Unloads. These additions can sometimes cause confusion due to their timing (with authorizations and with clearing records), but DiVA monitors all parts of the movement so that you can investigate as needed. This section describes some useful fields in the DiVA reports and the most direct way to use them for reconciling JIT transactions. For details on where to find each field in the reports, see the Using Reports to View JIT Transaction Information section below.

Clearing records

When added together, Signature Purchases Net and PIN Purchases Net provide the Total Net Purchases. The Total Net Purchases number represents all purchases that have cleared (including forced post transactions), minus any returns.

Signature Purchases Net + PIN Purchases Net = Total Net Purchases = Total Volume of Settled Transactions

Sig Purchases Net and Pin Purchases Net are aggregated fields available on the Balance Overview report.

Net calculation of money movement

Partner Funds Loads Net represents the actual movement of funds from the card holder’s account to the card network settlement account to cover transactions for which a clearing from the card network (otherwise known as settled transactions) has been received. Because of this, for a given time period, Partner Funds Loads Net should always be equal to Total Net Purchases (Sig Purchases Net + Pin Purchases Net).

Total Net Purchases = Partner Funds Loads = Total Dollar Value that moved to cover Settled Transactions

Both the Partner Funds Loads Net and JIT Loads Net fields are available on the Balance Overview report.

Calculating the amount to send

The amount to send, available in the Amount to Send field on the Program Reserve Balances report, represents the sum of all funds moved to cover settled transactions (Partner Funds Loads Net), as well as transactions that have been authorized but are not yet settled (Jit Loads Net). The following shows how the Amount to Send value is calculated.

Amount to Send = (Partner Funds Loads + Partner Funds Unloads + Partner Funds Adjustments) + (JIT Loads + JIT Unloads + JIT Adjustments) = Partner Funds Loads Net + JIT Loads Net

The Amount to Send value is typically negative because it represents money that should leave the account. The Amount to Send value could be positive if your program has a higher value of returns than cleared purchases for a given time period. Partner Funds Loads Net and JIT Loads Net are positive values. With this in mind, if you add JIT Loads Net to Amount to Send, the value should be equal to Partner Funds Loads Net, which is equal to Total Purchases Net (Sig Purchases Net + Pin Purchases Net).

Total Net Purchases = Partner Funds Loads Net = (Amount to Send + JIT Loads Net)

The Partner Funds Loads Net, Jit Loads Net, Sig Purchases Net, and Pin Purchases Net fields are all available in the Balance Overview report.

Using reports to view JIT transaction information

The DiVA application provides a graphical user interface for retrieving reports that include information useful for monitoring JIT transactions. This section describes how to retrieve each report. For each report, there are many fields that can be retrieved. Here, the fields that are relevant to JIT Funding reporting and reconciliation are described.

Balance Overview report

The Balance Overview report is a daily log of authorizations and clearings, showing funds loaded and unloaded from cards, as well as the purchases and returns that have settled. To view a Balance Overview report:

  1. In the sidebar, under All Reports, select Balance to the view the available Balance reports.

  2. Under Overview, select Day. After you select the report, the data is exposed and the filtering and visualization tools are available.

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The following columns of the Balance Overview report provide information relevant to JIT Funding:

Column Description

Starting Balance

The reserve account balance before the JIT transaction.

Partner Funds Loads Net

The sum of funds moved into and out of the account to cover settled transactions and returns.

Jit Loads Net

An accounting of authorized transactions that have not yet cleared.

Sig Purchases Net

Signature Purchases Net, the settled transactions that required a signature from the buyer, minus any returns. This includes forced post transactions where a signature was originally required.

Pin Purchases Net

Settled transactions that required a PIN number from the buyer, minus any returns. This includes forced post transactions where a PIN was originally required.

Ending balance

The ending account balance. This should always be $0 due to JIT.

Authorizations Detail report

The Authorizations Detail report provides transaction-level details for each authorization attempt, showing the date and time for purchases and status. To view an Authorizations Detail report:

  1. In the sidebar, under All Reports, select Transaction to view the available Transaction reports.

  2. Under Authorizations, select Detail. After you select the report, the data is exposed and the filtering and visualization tools are available.

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The following columns of the Authorization Detail report provide information relevant to JIT Funding:

Column Description

Transaction Token

A unique transaction token for the authorization activity. Corresponds to the Order Token field in the Loads Detail report and to the Reference Transaction Token in the Settlements Detail report.

Transaction Completion Token

Corresponds to the Settlement Transaction Token to trace the same transaction from authorization to settlement.

Transaction Status

Transaction Status can be Account Verification, Declined Authorization, Pending Settlement, Reversal, or Settled Authorization.

Acting User Token

The unique token associated with the acting card holder for a transaction. Corresponds to the Acting User Token in the Loads Detail and Settlements Detail reports.

Transaction Amount

Amount authorized.

Merchant

Name of the business.

Loads Detail report

The Loads Detail report provides a detailed view of the funds loaded for each card transaction for the previous day. The sum of the “Amount” column on the Loads Detail report matches the “Amount to Send” column of the Program Reserve Balances report. Positive values for “Amount” mean that funds are to be transferred from the program reserve account to the card holder’s account. To view a Loads Detail report:

  1. In the sidebar, under All Reports, select Transaction to the view the available Transaction reports.

  2. Under Loads, select Detail. After you select the report, the data is exposed and the filtering and visualization tools are available.

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The following columns of the Loads Detail report provide information relevant to JIT Funding:

Column Description

Acting User Token

Maps to each unique card transaction.

Transaction Element

Specifies the type of transaction: JIT Load, JIT Unload, Partner Funds Load, or Partner Funds Unload.

Transaction Amount

Shows the amount of the transaction.

Settlements Detail report

The Settlements Detail report provides transaction-level detail of each clearing, showing the date and time for purchases and returns associated with authorization transactions. To view a Settlements Detail report:

  1. In the sidebar, under All Reports, select Transaction to the view the available Transaction reports.

  2. Under Settlements, select Detail. After you select the report, the data is exposed and the filtering and visualization tools are available.

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The following columns of the Settlements Detail report provide information relevant to JIT Funding:

Column Description

Transaction Token

Transaction token for the settlement activity. Corresponds to Completion Transaction Token from the authorization.

Reference Transaction Token

Corresponds to the authorization Transaction Token to trace the same transaction from authorization to settlement.

Transaction Status

Status can be Approved or Cleared Successfully, Clear Settlement, Clear Return, Forced Post Settlement, or Successful PIN Transaction.

Acting User Token

The unique token associated with the acting card holder for a transaction. Maps to Acting User Token in the Authorization Detail and Loads Detail reports.

Merchant Category Code

MCC code, indicating the type of business.

Purchases

Amount settled.

Returns

Amount of returned merchandise. This value is the opposite of the Purchases value; if the purchase is negative, this value is positive.

Program Reserve Balances report

The Program Reserve Balances report provides a daily log showing funds moved to cover transactions as well as deposits sent via ACH or wire to replenish the balance. To view a Program Reserve Balances report:

  1. In the sidebar, under All Reports, select Balance to the view the available Balance reports.

  2. Under Program Reserve Balances, select Day. After you select the report, the data is exposed and the filtering and visualization tools are available.

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The following columns of the Program Reserve Balances report provide information relevant to JIT Funding:

Column Description

Amount To Send

Funds moved out of the program reserve account to cover transactions (authorization and clearings).

Reserve Amount Owed

Funds moved into the program reserve account to top it up and maintain required minimums; this is not the net of any withdrawals.

Ending Bank Balance

Amount in the program reserve account at the end of the day.

JIT Funding terminology

The following table defines the reporting terminology relevant to JIT transactions:

Term Description

Signature Purchases Net

Settled transactions that required a signature from the buyer, minus any returns. This includes forced post transactions where a signature was originally required.

PIN Purchases Net

Settled transactions that required a PIN number from the buyer, minus any returns. This includes forced post transactions where a PIN was originally required.

Partner Funds Load

Debited funds from a program account for a settled activity.

Partner Funds Unload

Credited funds to a program account for a settled activity.

Partner Funds Loads Net

The sum of Partner Funds Loads and Partner Funds Unloads. Partner Funds Loads and Unloads represent the actual movement of funds based on the clearing amount.

JIT Load

The ledger activity that accounts for funds moved onto a card.

JIT Unload

The ledger activity that accounts for funds removed from a card.

JIT Loads Net

The sum of JIT Loads and Unloads, accounting for the authorized transactions that have not yet cleared. This value represents "pending settlements." The JIT Loads Net value represents an accounting layer, and does not indicate actual funds movement. The value of JIT Loads Net is the total of Signature and PIN Purchases.

Amount To Send

The net of the transactions that have cleared during the current day and the current day’s authorizations that have not yet cleared. The calculation for this value is as follows: Amount to Send = (Partner Funds Loads + Partner Funds Unloads + Partner Funds Adjustments) + (JIT Loads + JIT Unloads + JIT Adjustments)

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