How to validate the beneficiary when making international payments on iBusiness Website?
Suman Kumar Choudhary
Modified on: Fri, 14 Feb 2025 at 5:30 PM
Important Notes:
- When initiating an international payment to beneficiary for India and the US, you can benefit from enhanced security capabilities of validating the beneficiary account details
- User permissions should be in place to make international payment. If not, contact your Corporate Administrator
For existing beneficiary
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 “Transfers – Initaite Transfer – On Screen – Transfer Type - International”
- From Maker – Landing Page, the user can choose an existing beneficiary to initiate international payment.
- Choose the existing beneficiary details on the initiation screen
- In case the beneficiary country selected is ‘India’ or ‘United States’ the ‘Validate details’ button is provided to validate the beneficiary account
- Click on the ‘Validate details’ button.
Step 2: Display of Beneficiary validation result and submission
- 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: For US, only Account Status is provided.
- Click on Proceed to enter the transfer details
- Click on the “Proceed” button at the bottom of the screen to continue
- Beneficiary validation result is displayed on the Summary screen
- Once details are confirmed and validated, the user can click on “Proceed” button at authorize the payment
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.
For new beneficiary
Step 1: Initiating beneficiary validation
- Login to the iBusiness Website
- Select "iPay” from the menu options at the bottom of the dashboard and go to “Transfers – Initaite Transfer – On Screen – Transfer Type - International”
- From Maker – Landing Page, the user can add a new beneficiary to initiate international payment.
- Enter the beneficiary details on the initiation screen
- Select the Beneficiary type from the available list
- Enter the beneficiary’s name
- Select the Country and provide beneficiary account number and routing code
- In case the beneficiary country selected is ‘India’ or ‘United States’ the ‘Validate details’ button is provided to validate the beneficiary account
- Click on the ‘Validate details’ button.
Step 2: Display of Beneficiary validation result and submission
- 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
- Click on Proceed to enter the transfer details
- Click on the “Proceed” button at the bottom of the screen to continue to see transaction summary
- Beneficiary validation result is displayed on the Summary screen
- Once details are confirmed and validated, the user can click on “Proceed” button at the bottom of the screen to complete the journey
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:
- Response is based on Receiver's Bank Responding Capability
- 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.)
- For Account is Closed, Incorrect Account number and Name does not match response, transaction will not be allowed to proceed