Adding a new beneficiary
François Cosnier avatar
Written by François Cosnier
Updated over a week ago

With iBanFirst, you can add a new beneficiary in just a few clicks. Adding new beneficiaries is immediate and they can be paid straight away.

Go to Payments > Beneficiaries tab > Add a beneficiary to add a new beneficiary.

Information and details required to add a new beneficiary vary depending on beneficiary's bank and country. Mandatory fields are marked with a * sign.

Below is an explanation of the main fields to be filled in:

Step 1: Account number / IBAN and currency

  • IBAN / account number is the beneficiary bank account number. It can be an IBAN or a free-format account number. If it is an IBAN, we will verify the format and validity as well as retrieve the corresponding BIC / SWIFT code

  • Currency is the account currency. You will only be able to make payments to this account in the indicated currency

Step 2: Beneficiary and intermediary banks

  • Beneficiary bank is the bank that holds the beneficiary bank account. It is automatically retrieve if the account number is an IBAN and must be manually inputted otherwise

  • Intermediary bank is the bank used to route the payment to the beneficiary bank. It is optional, but can help speeding up the payment. It is usually referrenced on the beneficiary bank details or invoice

Step 3: Beneficiary information

  • Beneficiary type can either be Individual or Corporate (including non-profit organizations, NGOs, and public entities)

  • Account holder is the exact name of the account holder. It is used to carry out AML / CFT checks and must be correct. Any mismatch might result in payment delays

  • Email is the beneficiary email address used to send payment notification emails. Multiple email addresses can be inputed. Notification emails can be activated or deactivated on a payment basis

Step 4: Validate beneficiary details and voilà!

Verify your beneficiary details one last time before validating the new beneficiary.

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