Manage collections and payments for your business seamlessly with Paytm Bank Nodal Accounts.
Entire Suite of Payout APIs such as Fund Transfers (along with customised approval flows)
Entire Suite of Payout APIs such as Fund Transfers (along with customised approval flows)
Simplified onboarding, easy integration & revolutionary technology. Round the clock support & customised solutions.
Powerful dashboard to check transaction status in realtime. Create virtual account numbers for your customer & vendors and automate collections
Highest Transaction success ratio with our advanced Smart Routing and Queuing technology. Automatic mode selection to ensure highest transaction success rate.
Nodal Account is a type bank account that is opened by businesses (intermediaries) and is used to hold the funds on behalf of its customers & vendors. A nodal account ensures that the money does not legally belong to the intermediary at any point of time. Nodal Accounts were introduced by the RBI (Reserve Bank of India) as a mandate for intermediaries such as aggregators, e-commerce platforms & payment gateways to ensure that payments so collected from customers are released to vendors without any undue delays.
Your business would be an intermediary if you meet any one of the following
criteria:
Credits
Debits
Yes, a current account needs to be opened prior to opening a NODAL account. The current account shall be used for raising invoices and collection of fees from the client / partners. Other, day to day transactions of an intermediary such as salary payments, vendor payments, statutory payments, utility payments etc. will be made from a separate regular current account of the intermediary.