How to validate the beneficiary account when creating a new international beneficiary on iBusiness Website? Print

How to validate the beneficiary account when creating a new international beneficiary on iBusiness Website?

Suman Kumar Choudhary

Modified on: Fri, 14 Feb 2025 at 5:30 PM

Important Notes:

Step 1: Initiating beneficiary validation 

• Login to the iBusiness website
• Select "iPay” from the menu options at the left panel on the homepage and go to “Benefiairy Management – Create Beneficiary – International” 
• Enter the beneficiary details on the initiation screen 

1. Select the Beneficiary type from the available list 
2. Enter the beneficiary’s details (name, address etc.)
3. Select the Country and Beneficiary and click on Proceed 
   
   
4. Provide beneficiary bank details i.e account number and do bank search 
5. In case the beneficiary country selected is ‘India’ or ‘United States’ the ‘Validate details’ button is provided to validate the beneficiary account
6. Click on the ‘Validate details’ button.

Step 2: Display of Beneficiary validation result and submission

Note : For US, only Account Status is provided.

• Click on the “Proceed” button at the bottom of the screen to continue
• Beneficiary validation result is displayed on the Summary screen 

Step 3: Approval 

• The request initiated by Maker is forwarded to Checker for authorisation.
• The beneficiary validation result is displayed along with the Account status, Name match as per beneficiary bank and Name as per beneficiary bank’s records.

Note:

1. Response is based on Receiver's Bank Responding Capability
2. If Account is Operative: User may or may not get Name Match Types (i.e Full Name Match, Name does not Match, Partial Name Match etc.)
3. For Account is Closed, Incorrect Account number and Name does not match response, transaction will not be allowed to proceed