We have experienced two overlapping incidents

During the past month, we have faced two complex and intertwined external issues causing delays in EUR payments. Both have been resolved, and everything is now back to normal. No payment orders have been canceled and all customers shall receive their delayed orders within a few business days. We regret that identifying and solving these problems took a long time. Thank you for your patience.

 

Details

On April 24, we discovered that EUR payments affecting some customers were recorded as executed in our systems but were not processed by our bank. Due to a lack of inbound settlements for Visa and MasterCard funded transactions, these related payments were delayed. Once the issue was resolved, manual corrections were made, and all affected customers received their payouts with a delay of about 10 bank days.

During this incident, we were also replacing our support system, which complicated communication with customers and caused a backlog. The influx of requests for EUR payments escalated, and we initially assumed it was related to the resolved issue. However, it was later identified that further delays were caused by machine-to-machine certificate issues due to changes made by our downstream bank partner. These changes were not immediately recognized due to our support system replacement, so standard system notifications were not processed and alarms suppressed.

Upon identifying the full halt of EUR payouts, we spent 36 hours rectifying the machine-to-machine connection, and thousands of payments are now being processed normally. While all systems are back to normal, some support tickets are still pending.

We regret not identifying these problems sooner and not communicating more effectively with affected customers. We conduct annual incident tests and will expand these tests to better prepare for future events, including situations like this one. We appreciate your patience and thank you for being a Settle customer.