How to Add a Beneficiary

The Beneficiaries feature in the Accounts Payable module allows you to save and manage payment recipients for faster, more efficient payouts.

Adding a Beneficiary

To add a new beneficiary:

1. Go to the Accounts Payable module.

2. Open the Beneficiaries tab.

3. Click the Add Beneficiary button.

4. Enter the following details:

• Alias → a name to help you easily identify the beneficiary (for internal use only).

• Type → it's important to know where the funds are being sent, and choosing the type accordingly, e.g. are you sending funds to an IBAN, SCAN, or BIC/SWIFT?

Type: IBAN

Used for standard payments to accounts identified by an IBAN, typically routing via the SEPA scheme. This is the most common option for EUR payments within the EU/EEA.

If the destination is a European account with an IBAN that cannot accept SEPA payments, do not use BIC/SWIFT. Instead, use the IBAN type and when creating the payout, select Target2 (T2) under the advanced configuration. T2 is the Eurosystem's real-time gross settlement system and is not subject to SEPA reachability rules.

Note, the default currency is set to EUR but can be changed.

Type: SCAN

Used for domestic payments where the destination account is identified by a sort code and account number rather than an IBAN. This is most commonly used for UK GBP payments via Faster Payments.

Note, don't forget to change the currency to GBP if sending to a UK account.

Type: BIC / SWIFT

Used for cross-border payments including payments to accounts that do not accept SEPA, payments outside the SEPA zone, or where a specific SWIFT rail is required. This is the recommended type for USD international payments and any destination outside of SEPA.

Settings

When adding a beneficiary, you can specify where they can be used:

• Allow payments from all NoFrixion accounts (default) → The beneficiary will be available across all NoFrixion accounts when creating payouts, setting up rules, or performing other actions.
• Choose specific accounts → Restrict access so the beneficiary is only available for specific accounts. Simply check the relevant accounts during setup.

Editing or Deleting Beneficiaries

After creating a beneficiary, you can edit or delete their details at any time:

• Go to the Beneficiaries tab.
• Click the three-dots icon next to the beneficiary’s name to update their details.
• Use the delete option if you want to remove the beneficiary completely.

Once added, the beneficiary will be readily available for selection within the portal.