Beneficiary overview
Overview
Beneficiaries are external bank account which an enduser can send money to, using SEPA for instance. They are linked to an Enduser and can only be used by this enduser.
Each Beneficiary must be unique for an Enduser. Unicity is checked with the account details.
A Beneficiary might be a PERSON or a COMPANY, and its full name has to be filled in.
The enduser can own this external account (it might be his account in another bank for instance), but it can also be owned by someone else.
In case it owns the external account, Strong Customer Authentication (SCA) treshold might be higher. So, please make attention when full name is entered.
When a beneficiary corresponds in fact to an existing Ledger held at LinkCy, it will be automatically detected by LinkCy. A linkcyLedgerId field, containing the Id of this beneificiary Ledger, will be added to the Beneficiary.
If a transaction is perfomed to this Beneficiary, it can be automatically processed as an Inter-Ledger transaction, if allowInterLedger is set to true when creating the transaction.
Status
A beneficiary has a status : It can be Valid, Declined or Pending Review. This can't be modified by the Partner or the Enduser.
This status is related to compliance/AML and is managed by LinkCy.
Types of beneficiary
They are tree types of beneficiaries :
- SEPA account
- GBP account
- USD accounts
Only SEPA beneficiaries are possible so far
SEPA Format:
{
"iban": "string",
"bic": "string"
}GBP Format:
{
"sortCode": "string",
"accountNumber": "string",
"swift": "string"
}USD Format:
{
"abaCode": "string",
"accountNumber": "string",
"swift": "string"
}Before validating a beneficiary creation, IBAN, account number, bic and swift code format are verified so that your enduser cannot do a mistake and create an wrong transaction.
We are also going to check in which payment rails your beneficiary is participant in order to let you know, for example, if SEPA instant is available or not.
| Name | Type | Description |
|---|---|---|
| name | string | The name of the beneficiary. |
| id | string (uuid) | The unique identifier of the beneficiary. |
| type | string | The type of beneficiary. Enum: PERSON, COMPANY. |
| status | string | The current status of the beneficiary. Enum: DECLINED, PENDING_REVIEW, VALID. |
| active | boolean | Indicates if the beneficiary is active. |
| endUserId | string (uuid) | The end-user owning this beneficiary. |
| accountType | string | The type of account associated with the beneficiary. Enum: IBAN, GBP, USD. |
| creationDate | string (date-time) | The date and time when the beneficiary was created. |
| updateDate | string (date-time) | The date and time when the beneficiary was last updated. |
| display | boolean | Indicates if the beneficiary is displayed. |
| linkcyLedgerId | string (uuid) | Sometimes a beneficiary can correspond to a ledger that you manage; in this case, the corresponding ID is provided. |