How do I set up a Beneficiary?

iBusiness Banking

A Beneficiary is a person or a legal entity/company that you designate to receive funds in payment for the exchange of goods and/or services. 

Go to the Payments tab / Payments Management. Click on Beneficiaries and select either Domestic or International. 

Make sure you have the Account Details/IBAN for the receiver account.

Enter the Beneficiary details and follow the onscreen instructions to Authorise or Save for Authorisation. 

A Beneficiary that has been saved for authorisation or requires a second authorisation can be authorised in the Beneficiary Management acreen by selecting the Beneficiary and clicking on Authorise. 

You will be prompted to confirm the request using your Digipass. 

Please note, when creating a Beneficiary to make an International Payment within the SEPA zone, the BIC will be added automatically based on the Beneficiary IBAN entered. If a BIC cannot be found for the IBAN entered, you will then be prompted to enter the corresponding BIC.

When creating a Beneficiary to make a payment outside the SEPA zone, the required account details are specific to the country you are paying.

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