Beneficiary management

The beneficiary management feature allows you to add or delete payment beneficiaries using RippleNet Home.

Note:
  • This feature is currently only available to Ripple Payments Direct users.
  • If you need your beneficiary to be paid out in different currencies, you need to create separate beneficiary entries for each currency. For example, if you want to pay out a beneficiary in EUR and GBP , you need to create one profile for this beneficiary where the payout currency is EUR and a second profile for the beneficiary where the payout currency is GBP .

Add beneficiary

  1. To add a beneficiary in RippleNet Home , click Settings > Manage Beneficiaries > Add Beneficiary .
  2. Specify the payment destination, beneficiary details, and bank information.
Note:

Make sure that the information you provide is accurate. Once the new beneficiary is created, you can't edit any of the details. Instead, you'll have to delete the beneficiary and create a new one with the correct information.

1. Specify payment destination

Complete the following steps to specify a payment destination:

  1. From the Destination Country drop-down list, select your beneficiary's destination country.
    Supported destination countries and payout currencies
    Destination Country Payout Currency
    Austria EUR
    Belgium EUR
    Croatia EUR
    Czechia EUR
    Denmark EUR
    Estonia EUR
    Finland EUR
    France EUR
    Germany EUR
    Greece EUR
    Hungary EUR
    Iceland EUR
    Ireland EUR
    Italy EUR
    Lithuania EUR
    Luxembourg EUR
    Malta EUR
    Monaco EUR
    Netherlands EUR
    Norway EUR
    Philippines PHP
    Poland EUR
    Portugal EUR
    Romania EUR
    Spain EUR
    Sweden EUR
    Switzerland EUR
    United Kingdom of Great Britain and Northern Ireland EUR, GBP
    Vietnam VND
  2. United Kingdom of Great Britain and Northern Ireland only: From the Payout Currency field select either EUR or GBP.
    All other countries currently support only one payout currency, hence, the payout currency is pre-selected in those cases.

    Bank account is currently the only supported payment method.

  3. Click Next .

2. Specify beneficiary details

Complete the following steps to specify the beneficiary details:

  1. Fill out the following fields:

    Field name Description Example
    Beneficiary Nickname A nickname for your beneficiary.

    Note: When you create a payment and select a beneficiary, this is the name that you'll see in the beneficiary drop-down list.    		 Muster Germany
    Business Legal Name The beneficiary's legal business name. Muster GmbH
    Corporate Phone Number The beneficiary's business phone number including the country code. +49 4321 1234
    Email The beneficary's business email address. tina@muster.de
    Business Address The beneficiary's business street address. Musterstrasse 1
    City The city in which the beneficiary's business is located. Musterstadt
    Only for certain countries:
    State/County    		 The state or country or province in which the beneficiary's business is located. Musterprovinz
    Postal Code The postal code associated with the city in which the beneficiary's business is located. 12345
    Country of Incorporation The country in which the beneficiary's business is incorporated. Germany

  2. Click Next .

3. Specify bank information

Complete the following steps to specify the beneficiary's bank information:

  1. According to the payment destination, fill out the following fields:
    Payment destination within the EEA or UK
    Field name Description Example
    Organization ID Scheme Scheme used to identify the beneficiary's organization. The field value is always Certificate of Incorporation Number. Certificate of Incorporation Number
    Organization ID Identification of the beneficiary organization assigned by a regulatory institution. 800075965
    Bank Name Name of the bank where the beneficiary receives the payout. Deutsche Bank
    Bank ID The issuer code that Ripple's payout partner requires for the specific payout method-country pair.
    For the correct Bank ID, see Bank IDs.    		 490001
    IBAN International Bank Identification Number (a combination of ISO country code, check digits, and the bank account number). DE12 3456 0000 1234 5678 90
    Relationship to Sending Customer The relationship that the beneficiary has to the sending customer.

    The following options are available:
    Business partner
    Branch/Representative office
    Customer
    Subsidiary company
    Holding company
    Supplier
    Franchisee/Franchisor    		 Customer
    Payment destination within Asia
    Field name Description Example
    Organization ID Scheme Scheme used to identify the beneficiary's organization. The field value is always Certificate of Incorporation Number. Certificate of Incorporation Number
    Organization ID Identification of the beneficiary organization assigned by a regulatory institution. 800075965
    Bank Name Name of the bank where the beneficiary receives the payout. Vietinbank
    Bank ID The issuer code that Ripple's payout partner requires for the specific payout method-country pair.
    For the correct Bank ID, see Bank IDs.    		 840002
    City of the Bank The city in which the beneficiary's bank is located. Hanoi
    State of the Bank The state or county or province in which the beneficiary's bank is located. Hanoi
    Account Number The beneficiary's bank account number. 1234 567 890
    Relationship to Sending Customer The relationship that the beneficiary has to the sending customer.

    The following options are available:
    Business partner
    Branch/Representative office
    Customer
    Subsidiary company
    Holding company
    Supplier
    Franchisee/Franchisor    		 Customer
  2. Click Finish .
    Your beneficiary is created and is now available for selection when you create a payment.

4. View beneficiaries list

To confirm that the new beneficiary you created is available for selection when you create a new payment, view the list of beneficiaries by clicking Settings, and then Manage Beneficiaries.

Delete beneficiary

To delete a beneficiary:

  1. Click Settings > Manage Beneficiaries .
  2. Locate the beneficiary you want to delete and next to its entry, click Delete .
  3. In the Delete Beneficiary window, confirm that you want to delete the beneficiary by clicking Confirm .

Your beneficiary is now deleted from your beneficiary list and will no longer be available for selection when you create a new payment.