The Net Settlement report apply exclusively to clients who are using their own fiat onramp solutions independently. For these clients, Bakkt provides a daily net settlement report to facilitate accurate reconciliation and settlement of transactions.

Daily Net Settlement Report

Each day, Bakkt generates a critical file for the period from 9 AM CT of the previous day to 9 AM CT of the current day. The file indicates the beginning and ending times for the transactions included in the net settlement, along with the net money that needs to be settled between Bakkt and the client who is using Bakkt execution services for daily settlements.

Net Settlement Report: This file contains detailed transaction data for all crypto executions within the settlement window. A summary of the Net Settlement will appear at the top of the file. Below that data will confirm that all listed coin executions have been cleared, with the assets now reflecting in the customer's holdings. This document is vital for cross-verifying transaction reconciliation between your system and Bakkt

Each day, your team will net settle funds using a wire transfer. The net settlement summary file will be emailed to your finance team and the Bakkt Operations team to facilitate the daily net settlement process. We request you to provide an appropriate email distribution list to ensure the right team members are looped into these communications. Any discrepancies identified will be collaboratively resolved by our teams before finalizing the settlement.

Start-of-Day Settlement Report Data Layout

The net settlement file will be uploaded to the eod_settlement directory in your S3 bucket.

The file name convention is as follows: 

DD_MM_YYYY_NET_SETTLEMENT_<Correspondent code>

Settlement Detail Fields	Definitions
From	Beginning time stamp of the settlement window.
To	End time stamp of the settlement window.
Net Settlement	USD value of what is owed after the 9 AM cutoff. Positive values mean the client owes Bakkr. Negative values mean Bakkt owes the client.
Account ID	Client’s  unique Account ID for the customer’s account.
Client Order ID	Order ID sent with crypto order.
Execution ID	Unique identifier sent in execution report. Execution IDs are often numbers, but can also be alpha-numeric.
Trade Date	Date part of the Execution Timestamp.
Execution Time	UTC time of execution/fill.
Side	Text string with Buy or Sell for trades and DEPOSIT and WITHDRAWAL  for manual adjustments.
Symbol	Crypto symbol for trade (i.e. BTC).
Last Quantity	Quantity filled for corresponding Execution ID.
Last Price	Price where execution was filled.
Notional	Notional Value of the fill (i.e. Last Price * Last Quantity).
Fees	Trade fee in USD, where applicable.
Total	Total cost of the execution (Notional + Fees).
Transaction Type	This is the category of the transaction type. They include the following: CLIENT_PURCHASE, CLIENT_SALE, CLIENT_ALLOCATION_SALE, CLIENT_ALLOCATION_PURCHASE, and MANUAL_ADJUSTMENT
CLIENT_PURCHASE	Single Buy trade execution.
CLIENT_SALE	Single Sell trade execution.
CLIENT_ALLOCATION_SALE	A Sell allocation for an account.
CLIENT_ALLOCATION_PURCHASE	A Buy allocation for an account.
MANUAL_ADJUSTMENT	A coin adjustment transaction for the customer’s account. In this case you will see a blank for “Notional” & Payment and there will not be a TPJ transaction associated with them. A cash adjustment transaction for the customer’s account. These will have TPJ transactions associated with them. In this case you will see a blank “Last Quantity” and “Last Price”. The “Symbol” will be “USD”.
Transaction ID	Internal transaction ID.
Client Transaction ID	The ID that the client used to create the allocation request. This will be blank for all single trade executions.
Batch Transaction ID	The ID that the client used to create the batch of allocations that included this allocation. This will be blank for all single trade executions.

Reconciliation of Crypto Trade executions

Like an equity trade reconciliation, you can use the settlement detail file to reconcile all the customer trade executions you have in your system vs. the executions that Bakkt knows have happened.

Net Settlement Example Report

Period Covered: December 12, 2022, 14:00 UTC to December 13, 2022, 14:00 UTC

From: 2022-12-12T14:00:00Z

To: 2022-12-13T14:00:00Z

Net Settlement Amount: $19.00

Account ID	Transaction Type	Transaction ID	Client Order ID	Execution ID	Client Transaction ID	Batch Transaction ID	Trade Date	Execution Time	Side	Symbol	Last Quantity	Last Price	Notional	Total
xyz123jlp	CLIENT_PURCHASE	5587ce8d-8105-49a8-8d32	3821ad5a-2bf6-406b-aba4-a1d3c79dfd46	e5a318e0627845df88465f7097aeab7a	8e266503-7b46-459d-9677-c2d23bfeb9ff	eb09fd2d-cc22-4c77-9495-8879330c9151	12/12/2022	2022-12-12T21:33:17Z	BUY	DOGE	43.97507888	0.09096061	4	4
xyz224jlp	CLIENT_PURCHASE	01afa9a7-f731-4c05-9ab7	6107b579-d613-4b55-97ec-e2b9321a69bf	2022346-APEX-1-573-11075	1a3426f3-5ab0-44cf-bc07-cc40da9e04b9	eb09fd2d-cc22-4c77-9495-8879330c9151	12/12/2022	2022-12-12T21:32:44Z	BUY	BTC	0.00028797	17362.66666667	5	5
xyz444klm	CLIENT_PURCHASE	55d61ada-5824-4691-9547	fce6b985-85d3-4ab6-8cdd-d762f840185b	peak6-wmtord-LJAHACDBNCGLABMEAGAAMBAA-LA	e84c604d-fd04-4dae-89b6-7b14e643b404	b6a5c9e2-0261-4682-a166-eed8a365df8c	12/12/2022	2022-12-12T21:29:50Z	BUY	ATOM	0.51482266	9.71208222	5	5
xyz444klm	CLIENT_PURCHASE	5857d8f1-c58f-483b-9087	f498b1de-c7a8-4c50-9b9a-63658ce49bff	2022346-APEX-1-573-11035	7b3207f0-45c8-40ee-9f6d-dbf3e43daa57	b6a5c9e2-0261-4682-a166-eed8a365df8c	12/12/2022	2022-12-12T21:29:08Z	BUY	BTC	0.00028793	17365.4040404	5

Note: A positive net settlement figure indicates an outstanding balance owed to Bakkt by the client.