Connected Banking

Introduction
This feature allows Castler to integrate the merchant’s current and hard escrow account on its platform. This will enable merchants to transact directly through their bank accounts from the Castler portal

Why are we doing this?
Connected Banking feature allows merchants to transact directly through Escrow and Current accounts in multiple banks directly through the Castler dashboard.
The primary objectives of Connected Banking V2 are as follows:

1. Simplify Transactions: Provide merchants with a unified platform to manage and execute transactions directly through their bank accounts, eliminating the need for multiple banking interfaces.
2. Enhance Visibility: Offer merchants comprehensive insights into their financial activities, including account balances, transaction histories, and analytics, enabling informed decision-making.
3. Improve User Experience: Enhance the usability and convenience of the Castler platform by integrating essential banking functionalities seamlessly into the existing merchant portal.

Use Cases
Castler's payments stack can be used to power numerous use cases.
• Payouts: Settle funds to your sellers frequently, reimburse your employees' expenses or refund your buyers using IMPS/NEFT/RTGS/UPI
• Mandates: Collect repayments from your customers using mandates like auto-pay on specific days or intervals.

Connected Banking Use Cases

1. Connected Banking with Digital Escrows
   a. This feature allows merchants to create Digital Escrows (Virtual Account/Digital Escrow) on top of their connected bank account (Hard Escrow/Current Account)
   b. Merchants can accept deposits in Digital Escrows
   c. Merchants can transfer funds from Digital Escrows
   d. Merchants can view the balance of their connected bank account
   e. Merchant can view and download statements of their connected bank account
2. Connected Banking without Digital Escrows
   a. This feature allows merchants to transact directly from their connected bank account (Hard Escrow/Current Account)
   b. Merchants can transfer funds directly from their connected bank account.
   c. Merchants can view the balance of their connected bank account.
   d. Merchant can view and download statements of their connected bank account.