Hi, my belief is that an application counts towards the cap once the completeness check has been performed.
My guess is then that encashment then happens concurrently with the file being sent for the eligibility review (i.e. payment slip sent to accounts department, file sent to immigration officer for eligibility review). So delays in encashment could simply be workload within the accounts department/team.
However unless we get anyone from CIO telling us exactly how it works, we can only guess with regards their internal structure!
We will have to see what happens with the next update. I was very surprised to see only 10 more for 1122, but then again just because they only opened and checked 10 more, it does not mean that many more are not still waiting.
Wayne.