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Bank Settlements

For easy access to your money in a traditional banking format

Bank Settlement is transferring funds from a wallet to a bank account. It is required to access wallet funds in bank account. The benefits are providing flexibility and convenience in managing digital and traditional finances.

Ways to transfer funds

  1. With Admin’s Intervention: Users request withdrawals, Admin approves/rejects, and transfers funds manually if approved. Useful when setting up API-based transfers is challenging for the client.
  2. Without Admin’s Intervention: In this scenario, the platform relies on an integrated Bank/Payout API provided by the admin for instant, automated transfers, eliminating the need for Admin intervention.
Steps to Withdraw Funds from Wallet to Bank Account
1. Add a Bank Account, if not already added, or select from one of the Saved Bank accounts
a. To add a new bank account, user need to provide the following details:
- Select Bank Name
- Accountholder Name
- Account Number
- Confirm Account Number
- Bank Code
2. User’ll be asked to enter the amount
3. Enter the amount to be transferred
4. Type in any additional message, if any
5. Review Payment Details and Confirm
6. Any additional charges, if applicable will be displayed here, as configured by the admin
7. Enter the Transaction PIN to authorise the transaction
8. If the transaction PIN is authorised, and if user have enough funds in your wallet, the money will either get transferred to the bank account directly (if it is being done via integration and with admin’s intervention), or the admin will receive a withdrawal request for the settlement (if it is being done with admin’s intervention).