Beneficiary information

The following list provides country-specific beneficiary information you must specify when you add a beneficiary to a batch payment file.

Australia

  1. The state/territory code of the beneficiary's postal address.

    Australia state name Australia state/territory code
    Australia Capital ACT
    New South Wales NSW
    Northern Territory NT
    Queensland QLD
    South Australia SA
    Tasmania TAS
    Victoria VIC
    West Australia WA

  2. The name and postal code for the beneficiary's city, town, or suburb.
    To get full information about the beneficiary's postal address, refer to the Australia Post post office index .

South Korea

Depending on whether your beneficiary is an individual or a business, consider the following:

Customer identity verification process

For certain use cases described in the following sections, Ripple's payout partner will send an SMS to the beneficiary's South Korean mobile number. The SMS is part of the payout partner's customer identity verification process. The SMS includes the sender's name, the transaction amount, and a link which the beneficiary must access to complete the customer identity verification process and receive the payment. The link expires after 72 hours.

Individual beneficiaries

  1. If the individual beneficiary meets one of the following conditions, Ripple's payout partner will perform the customer identity verification process as described under Customer identity verification process :
    • Has never received a payment to a South Korean bank account from Ripple's payout partner before, or
    • Is going to receive a payment into a bank account different from the one previously registered
  2. If the payment to the individual beneficiary is equal to or less than KRW 6,000,000 and you use one of the following purpose of payment codes, the beneficiary has to undergo the identity verification process as described under Customer identity verification process .
    Purpose code Description
    ACSC Accounting services
    AMSC Advertising, market research, and public opinion polling services
    ALLW Allowance
    GIFT Allowance (Gift)
    ENGS Architectural, engineering, and other technical services
    BONU Bonus payment
    COMM Commission
    CISC Construction and installation services
    DEPT Deposit
    GSST Goods and services by short-term workers
    GSTR Goods and services by travelers
    INTE Interest
    LESC Legal Services
    MRSC Maintenance and repair services
    MDCS Medical services
    OTHR Others
    PSFR Passenger fare
    PAYR Payroll
    REAB Real estate abroad
    RELG Rental lease general
    SALA Salary payment
    VIAC Visa application charges
    Note:

    If you're trying to use a purpose code from the list above for a payment higher than KRW 6,000,000 to an individual beneficiary, Ripple's payout partner will reject the payment.

  3. If the payment to the individual beneficiary is equal to or less than KRW 500,000,000 and you specify one of the following purpose of payment codes, there will be no customer identity verification process.
    Purpose code Description
    GDDS Purchase sale of goods
    GDSV Purchase sale of goods and services
    SCVE Purchase sale of services
    SUPP Supplier payment
    FEES Payment of fees
    IVPT Invoice payment
    TRAD Trade services
    MRSC Maintenance and repair services

Business beneficiaries

  1. If the payment to the business beneficiary is equal to or less than KRW 6,000,000 and you use one of the following purpose of payment codes, the beneficiary has to undergo the identity verification process as described under Customer identity verification process .
    Purpose code Description
    ACSC Accounting services
    AMSC Advertising, market research, and public opinion polling services
    GIFT Allowance
    ENGS Architectural, engineering, and other technical services
    CISC Construction and installation services
    DEPT Deposit
    DOFI Deposits with or from offshore financial institutions
    INTE Interest
    INTC Intra company payment
    INVS Investment and securities
    LESC Legal Services
    MRSC Maintenance and repair services
    OTHR Others
    MACH Payment for machinery, non-customized packaged software and transport equipment
    MFGD Payment for manufactured goods
    MMFA Payment for miscellaneous manufactured articles
    PAYR Payroll
    REAB Real estate abroad
    RELG Rental lease general
    SALA Salary payment
    TLLT Term loans (long-term)
    TLST Term loans (short-term)
    Note:

    If you're trying to use a purpose code from the list above for a payment higher than KRW 6,000,000 to a business beneficiary, Ripple's payout partner will reject the payment.

  2. If the payment to the business beneficiary is equal to or less than KRW 500,000,000 and you use one of the following purpose of payment codes, there will be no customer identity verification process.
    Purpose code Description
    GSPM Goods for processing and manufacturing services
    GDDS Purchase sale of goods
    GDSV Purchase sale of goods and services
    SCVE Purchase sale of services
    SUPP Supplier payment
    FEES Payment of fees
    IVPT Invoice payment
    TRAD Trade services
    MRSC Maintenance and repair services
    Note:

    If you don't use a purpose code from the list above for a payment between KRW 6,000,000 and KRW 500,000,000 to a business beneficiary, Ripple's payout partner will fail the payment.