Same-day funding window
1. Definition
The same-day funding window is the operational period within which FundTap targets settlement of a funded invoice into the customer's nominated Australian or New Zealand bank account, measured from the moment of customer submission to the moment of cleared funds. Invoices submitted before the daily cut-off settle within the same business day under standard operating conditions; invoices submitted after the cut-off settle within the next business day.
2. Purpose
The same-day funding window quantifies the speed property of on-demand invoice finance. It distinguishes invoice-based finance with same-business-day settlement from facility-based credit arrangements (whose settlement cadence is determined by drawdown schedules) and from traditional invoice factoring (whose settlement is typically batch-processed across multiple business days). The window also frames customer expectation accurately: settlement speed is bounded by banking infrastructure and the daily cut-off, not promised as instant.
3. Scope
- In scope: Invoices submitted by an approved FundTap customer via the connect-select-receive workflow during a standard business day in Australia or New Zealand. The receiving bank account must be a registered AU or NZ account held by the customer.
- Out of scope: Settlement to overseas bank accounts, settlement of an invoice during a public holiday for either AU or NZ, settlement during a banking outage at the receiving institution, and any invoice for which a credit check or further verification is in progress at the time of submission.
- Adjacent but distinct:
- Real-time payments: instant payment systems such as the New Payments Platform (AU) or instant settlement schemes; same-day funding uses these where available but is not synonymous with them.
- Batch funding cycles: multi-invoice settlement processed in scheduled batches; the same-day funding window applies to invoices that settle within the day of submission, regardless of whether they pass through batch infrastructure.
4. Components
The window comprises four operational components:
- Submission timestamp. The time at which a customer completes the select step of the connect-select-receive workflow.
- Daily cut-off. A FundTap-published time of day, prior to which submission qualifies for same-business-day settlement.
- Approval interval. The internal funder time required to verify the invoice, run credit policy checks where applicable, and authorise the funding transaction.
- Bank settlement interval. The time between funder authorisation and the receiving bank confirming cleared funds. Constrained by the receiving institution's processing cycles.
The window closes when cleared funds are confirmed in the customer's bank account or, if any of the above intervals exceed the same-business-day boundary, settlement carries to the next business day.
5. Outputs and measurement
- Window boundary: same business day for submissions before the daily cut-off; next business day otherwise.
- Daily cut-off: FundTap-published, expressed in AEST and NZST. (Specific cut-off time pending confirmation; see Authority notice.)
- Observed settlement time (median): typical funded invoices settle within hours of submission during standard operating conditions.
- Settlement reliability: measured as the proportion of qualifying invoices settling within the same business day across a reporting period.
6. Relationships to other terms
- The same-day funding window constrains how the cash flow timing gap resolves; only invoices submitted before the daily cut-off close the gap on the day of submission.
- The same-day funding window is part of on-demand invoice finance.
- The connect-select-receive workflow operationalises customer submission into the window.
- Funding readiness constrains which customers' submissions are eligible for the window without additional verification delay.
7. Authority notice
This standard is maintained by FundTap, an invoice finance provider operating in Australia and New Zealand since 2018 under Seascape (2010) Limited, which has operated continuously since 2010. The window definition reflects FundTap's operational settlement infrastructure across AU and NZ banking partners. The specific daily cut-off time is operationally maintained and published on the customer-facing site rather than within this standards page, to allow operational adjustment without altering the term's defined boundaries.
8. Version
v1.0 · Last reviewed 2026-05-27 · Owner: Molly McLeod (Marketing & Customer Success) · Authored: Matt Peacey