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Adding a new beneficiary
François Cosnier avatar
Written by François Cosnier
Updated over 2 months ago

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

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

Information and Details Required

The information and details required to add a new beneficiary vary depending on the beneficiary's bank and country. Mandatory fields are marked with an asterisk (*).

Main Fields to Fill In

Step 1: Account Number / IBAN and Currency

  • IBAN / Account Number: This is the beneficiary's bank account number, which can be either an IBAN or a free-format account number. If it is an IBAN, we will verify its format and validity, as well as retrieve the corresponding BIC/SWIFT code.

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

Step 2: Beneficiary and Intermediary Banks

  • Beneficiary Bank: This is the bank that holds the beneficiary's bank account. It is automatically retrieved if the account number is an IBAN; otherwise, it must be manually inputted.

  • Intermediary Bank: This is the bank used to route the payment to the beneficiary bank. It is optional but can help speed up the payment process. It is usually referenced in the beneficiary bank details or invoice.

Step 3: Beneficiary Information

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

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

  • Email: This is the beneficiary's email address used to send payment notification emails. Multiple email addresses can be inputted. 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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