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 ;

SEPA Format :

Copy
Copied
{
"iban": "string",
"bic": "string"
}

GBP Format :

Copy
Copied
{
"sortCode": "string",
"accountNumber": "string",
"swift": "string"
}

USD Format :

Copy
Copied
{
"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
required
string
id
required
string <uuid>
type
required
string
Enum: "PERSON" "COMPANY"
status
required
string
Enum: "DECLINED" "PENDING_REVIEW" "VALID"
active
required
boolean
endUserId
required
string <uuid>

The endUser owning this beneficiary.

accountType
required
string
Enum: "IBAN" "GBP" "USD"
creationDate
required
string <date-time>
updateDate
required
string <date-time>
display
boolean
linkcyLedgerId
string <uuid>

Sometimes a beneficiary can correspond to a ledger that you manage, in this case, we would send you the corresponding id