Beneficiaries

Beneficiary Overview

A beneficiary is an entity or individual that receives payments from a business or another individual. This includes:

Creating a Beneficiary

To initiate payments to a beneficiary’s bank account, you must first create a beneficiary profile. The requirements for creating a beneficiary vary based on the following factors:

• Beneficiary Type: Individual or business.
• Bank Country: The country where the bank is located.
• Currency: The currency in which the payment will be made.