Beneficiaries

To transfer money to an individual or an entity, an account holder must first add them as a beneficiary to their account.

Currently, we support 1 types of beneficiariy:

• Bank account beneficiary : Here, the account number and IFSC are used to create the beneficiary. Money can be transferred to the beneficiary via NEFT, IMPS, or RTGS.

Creating a beneficiary lets account holders make multiple transfers to an individual or entity without the hassle of entering their account details for each transfer. This helps prevent wrong transfers that can arise due to human error.

Beneficiary and Account Validation

A large number of first-time transfers fail because:

• Incorrect details were used to create the beneficiary.
• The account is inactive or frozen.

Such failures can be avoided by verifying the account details before creating the beneficiary.

Our Account Verification APIs allow account holders to instantly verify the validity and ownership of a bank accounts. This not only prevents transfer failures but also prevents transfers to the wrong individual.

Learn more about Account Verification APIs.