Beneficiaries Overview
Create and manage a list of beneficiaries for your customers.
A beneficiaryBeneficiary A trusted recipient for payments that includes both information about the business or individual as well as their bank account or instrument details. When using trusted beneficiaries, customers may be allowed to skip Strong Customer Authentication (SCA) when executing Outgoing Wire Transfer or Send transactions, reducing the number of approval steps required. includes both information about the business or individual as well as their bank account or instrument details used to make payments to.
When using beneficiaries, your customers may be allowed to skip Strong Customer Authentication when executing Outgoing Wire Transfer or Send transactions, thus reducing the number of approval steps required.
Create Beneficiaries
To create a beneficiaryBeneficiary A trusted recipient for payments that includes both information about the business or individual as well as their bank account or instrument details. When using trusted beneficiaries, customers may be allowed to skip Strong Customer Authentication (SCA) when executing Outgoing Wire Transfer or Send transactions, reducing the number of approval steps required. for an identity, an end-user belonging to the identity must be logged in. You require your API key and an active end-user authentication token to create a beneficiaryBeneficiary A trusted recipient for payments that includes both information about the business or individual as well as their bank account or instrument details. When using trusted beneficiaries, customers may be allowed to skip Strong Customer Authentication (SCA) when executing Outgoing Wire Transfer or Send transactions, reducing the number of approval steps required.. Read more about authentication in the authentication guide.
We currently only support TRUSTED beneficiaries. Creating beneficiaries that are still not trusted beneficiaries is planned for the future.
Setting the trustLevel of a beneficiaryBeneficiary A trusted recipient for payments that includes both information about the business or individual as well as their bank account or instrument details. When using trusted beneficiaries, customers may be allowed to skip Strong Customer Authentication (SCA) when executing Outgoing Wire Transfer or Send transactions, reducing the number of approval steps required. to TRUSTED enables the end-user to skip Secure Customer Authentication for transactions to that beneficiaryBeneficiary A trusted recipient for payments that includes both information about the business or individual as well as their bank account or instrument details. When using trusted beneficiaries, customers may be allowed to skip Strong Customer Authentication (SCA) when executing Outgoing Wire Transfer or Send transactions, reducing the number of approval steps required..
Beneficiaries belong to the identity managing them and cannot be shared with other identities.
Verify Beneficiaries
Before the submitted beneficiaries can be added to the list, the logged-in user must verify the details by completing a challenge.
A challenge is required when removing beneficiaries from the list as well.
SendSend A transaction type that allows sending funds to another identity's instrument or to a beneficiary. Send transactions may require Strong Customer Authentication depending on the destination and whether it's a trusted beneficiary. a Challenge
You can trigger the beneficiaries verification process by calling the beneficiaries' challenge API. The user is requested to perform a two-factor authentication based on the channel provided in the request.
You can check your enabled authentication channels for beneficiaries via the Innovator Portal by navigating to Identities Profile → Authentication tab → Payment Verification.
Currently, we support SMS and AUTHY as possible authentication channels. More authentication channels are planned for the future.
You can start an SCASCA Strong Customer Authentication - a two-factor authentication solution required by PSD2 regulations for when end-users are accessing their payment account sensitive information or initiating transactions. SCA requires at least two of the following: something you know (password), something you have (device), or something you are (biometrics). challenge via SMS by requesting the One Time Password API endpoint. A text message containing an OTP code is sent to the logged-in end-user's registered mobile phone.
Alternatively, you can use Twilio AUTHY to sendSend A transaction type that allows sending funds to another identity's instrument or to a beneficiary. Send transactions may require Strong Customer Authentication depending on the destination and whether it's a trusted beneficiary. a push notification on the user's mobile phone.
Complete the Challenge
If SMS was the selected channel, you must build a page in your application where the user can enter the verification code they received in the text message, then submit it via the challenge verify API.
In case of Twilio AUTHY, the user must approve the push notification submitted on their mobile phone. You receive a webhook notification once the user approves or rejects the push notification.
Once confirmed, the beneficiaries are automatically added to the identity's beneficiaryBeneficiary A trusted recipient for payments that includes both information about the business or individual as well as their bank account or instrument details. When using trusted beneficiaries, customers may be allowed to skip Strong Customer Authentication (SCA) when executing Outgoing Wire Transfer or Send transactions, reducing the number of approval steps required. list. You receive a webhook for the batch of beneficiaries that includes all the beneficiaries in the list with its outcome.
Remove Beneficiaries
To remove a beneficiaryBeneficiary A trusted recipient for payments that includes both information about the business or individual as well as their bank account or instrument details. When using trusted beneficiaries, customers may be allowed to skip Strong Customer Authentication (SCA) when executing Outgoing Wire Transfer or Send transactions, reducing the number of approval steps required. for an identity, an end-user belonging to the identity must be logged in. You require your API key and an active end-user authentication token to remove a beneficiaryBeneficiary A trusted recipient for payments that includes both information about the business or individual as well as their bank account or instrument details. When using trusted beneficiaries, customers may be allowed to skip Strong Customer Authentication (SCA) when executing Outgoing Wire Transfer or Send transactions, reducing the number of approval steps required.. Read more about authentication in the authentication guide.
The logged-in user must complete an SCASCA Strong Customer Authentication - a two-factor authentication solution required by PSD2 regulations for when end-users are accessing their payment account sensitive information or initiating transactions. SCA requires at least two of the following: something you know (password), something you have (device), or something you are (biometrics). challenge to remove beneficiaries.
Using Beneficiaries with Transactions
When submitting Outgoing Wire TransferWire Transfer A transaction that moves funds between accounts. An incoming wire transfer moves funds from a third-party bank account to a Weavr managed account, while an outgoing wire transfer moves funds from a Weavr managed account to a third-party bank account. Wire transfers require the managed account to have an assigned IBAN (for EUR) or sort code and account number (for GBP). or SendSend A transaction type that allows sending funds to another identity's instrument or to a beneficiary. Send transactions may require Strong Customer Authentication depending on the destination and whether it's a trusted beneficiary. transactions, your customers can choose to provide a beneficiaryBeneficiary A trusted recipient for payments that includes both information about the business or individual as well as their bank account or instrument details. When using trusted beneficiaries, customers may be allowed to skip Strong Customer Authentication (SCA) when executing Outgoing Wire Transfer or Send transactions, reducing the number of approval steps required. instead of the destination instrument details. This can be done by providing a beneficiaryId in the destination parameter.
If the SendSend A transaction type that allows sending funds to another identity's instrument or to a beneficiary. Send transactions may require Strong Customer Authentication depending on the destination and whether it's a trusted beneficiary. or Outgoing Wire TransferWire Transfer A transaction that moves funds between accounts. An incoming wire transfer moves funds from a third-party bank account to a Weavr managed account, while an outgoing wire transfer moves funds from a Weavr managed account to a third-party bank account. Wire transfers require the managed account to have an assigned IBAN (for EUR) or sort code and account number (for GBP). was eligible to skip Strong Customer Authentication because the destination instrument is a trusted beneficiaryBeneficiary A trusted recipient for payments that includes both information about the business or individual as well as their bank account or instrument details. When using trusted beneficiaries, customers may be allowed to skip Strong Customer Authentication (SCA) when executing Outgoing Wire Transfer or Send transactions, reducing the number of approval steps required., then it is executed automatically and the challengeExemptionReason is set to TRUSTED_BENEFICIARY.