Banking
Banking Overview
Devdraft lets you receive and manage payments via bank transfers in addition to digital wallets and blockchain-based methods. The banking section helps you configure how you get paid out and manage your financial operations.
Banking features are essential for businesses that need to receive payouts in traditional fiat currencies like USD, ZAR, EUR, and other local currencies.
What is Banking on Devdraft?
Banking on Devdraft provides traditional banking infrastructure for your payment operations:- Bank Account Integration: Add and manage multiple bank accounts for payouts
- Fiat Currency Support: Receive payouts in traditional currencies (USD, ZAR, EUR, etc.)
- Automated Payouts: Set up automatic or manual payout schedules
- Secure Processing: Bank-grade security for all financial transactions
- Multi-Country Support: Banking solutions for different regions and currencies
Key Benefits
- Traditional Banking: Use familiar bank accounts and transfer methods
- Global Reach: Support for multiple countries and currencies
- Automated Workflows: Set up recurring payouts and schedules
- Security: Bank-level encryption and compliance standards
- Flexibility: Multiple payout destinations and methods
Banking Features Overview
Payout Destinations
Bank Accounts
- Add multiple bank accounts
- Support for different countries
- IBAN and account number support
- Currency-specific accounts
- Verification required
Payout Methods
- Traditional bank transfers
- Wire transfers
- ACH transfers (US)
- SEPA transfers (EU)
- Local payment methods
Payout Settings
Configuration Options
- Default Destination: Set your primary payout account
- Payout Frequency: Daily, weekly, monthly, or manual
- Currency Preferences: Preferred payout currencies
- Minimum Amounts: Set minimum payout thresholds
- Scheduling: Configure automatic payout timing
Security & Compliance
Security Features
- Encryption: All banking data encrypted at rest
- Authentication: Multi-factor authentication for sensitive changes
- KYC Verification: Know Your Customer compliance
- Audit Trails: Complete transaction history
- Fraud Protection: Advanced fraud detection systems
Banking Flow
How Banking Works
1
Customer Payment
A customer makes a payment through your Devdraft integration:
- Payment processed via checkout
- Funds collected and settled
- Transaction recorded in your account
2
Fund Settlement
Devdraft processes and settles the funds:
- Funds held securely
- Settlement period (typically 1-3 business days)
- Available for payout
3
Payout Processing
Funds are paid out based on your settings:
- Automatic or manual payout
- Sent to your configured bank account
- Transaction confirmation provided
4
Fund Receipt
You receive the funds in your bank account:
- Funds appear in your account
- Transaction reference provided
- Reconciliation with Devdraft records
Banking flow diagram showing the complete payment to payout process
Supported Countries and Currencies
Global Banking Support
Supported Regions
- North America: US, Canada
- Europe: EU countries, UK, Switzerland
- Africa: South Africa, Nigeria, Kenya, Ghana
- Asia: India, Singapore, Malaysia
- Oceania: Australia, New Zealand
Currency Support
Major Currencies
- USD (US Dollar)
- EUR (Euro)
- GBP (British Pound)
- ZAR (South African Rand)
- CAD (Canadian Dollar)
- AUD (Australian Dollar)
Local Currencies
- NGN (Nigerian Naira)
- KES (Kenyan Shilling)
- GHS (Ghanaian Cedi)
- INR (Indian Rupee)
- SGD (Singapore Dollar)
- MYR (Malaysian Ringgit)
Banking vs Other Payment Methods
Comparison Table
| Feature | Banking | Digital Wallets | Blockchain |
|---|---|---|---|
| Settlement Time | 1-3 business days | Instant to 24 hours | 10-60 minutes |
| Fees | Low to moderate | Low | Variable |
| Currency Support | Fiat currencies | Fiat + some crypto | Cryptocurrencies |
| Regulatory Compliance | High | Moderate | Varies |
| User Familiarity | Very high | High | Moderate |
| International | Yes (with fees) | Yes | Yes |
When to Use Banking
Best For
- Traditional Businesses: Companies used to bank transfers
- Large Transactions: High-value payments and payouts
- Regulatory Requirements: Industries requiring traditional banking
- Customer Preference: When customers prefer bank transfers
- International Business: Cross-border transactions in fiat
Getting Started with Banking
Prerequisites
1
Account Verification
Complete your Devdraft account verification:
- Business verification
- Identity verification
- Compliance requirements
- KYC process (if required)
2
Bank Account Setup
Add your first bank account:
- Account holder information
- Bank details (name, country)
- Account number or IBAN
- Currency preference
3
Verification Process
Verify your bank account:
- Micro-deposit verification
- Account ownership confirmation
- Security checks
- Compliance review
Banking Dashboard
Overview Interface
Banking dashboard showing account overview and recent payouts
- Account Overview: Summary of all bank accounts
- Recent Payouts: Latest payout transactions
- Pending Payouts: Scheduled and processing payouts
- Account Balances: Available funds by currency
- Quick Actions: Add accounts, request payouts, view reports
Common Use Cases
E-commerce Businesses
Online Retail
- Daily Sales Payouts: Regular payouts from online sales
- Multiple Currencies: Payouts in different currencies
- Seasonal Adjustments: Increased payout frequency during busy periods
- International Sales: Cross-border payout management
Service Providers
Service Businesses
- Project Milestone Payouts: Payouts for completed project phases
- Retainer Payments: Regular retainer payouts
- Consulting Fees: Payouts from consulting services
- Subscription Revenue: Recurring subscription payouts
Marketplaces
Marketplaces
- Seller Payouts: Regular payouts to marketplace sellers
- Commission Management: Platform commission handling
- Multi-Vendor Support: Payouts to multiple vendors
- Escrow Services: Secure payment holding and release