Trusted Beneficiaries

Overview

Trusted Beneficiary allows you to whitelist a beneficiary account for a specific combination of:

• Account Number (destinationPayoutAccount)
• Payment Method (destinationPayoutMethod)
• Payment Channel (destinationPayoutChannel)
• Currency (currency)
• Customer Reference (customerReference)

The purpose of Trusted Beneficiary is to reduce repeated manual reviews when the same beneficiary account consistently triggers a name mismatch due to minor differences between the payer-provided name and the name returned during account inquiry.

When a Pay Out transaction results in a Name Mismatch, the system checks whether the beneficiary account has been registered as a Trusted Beneficiary. The transaction is automatically approved only when all of the above fields exactly match the Trusted Beneficiary record. Otherwise, the transaction follows the standard Name Mismatch review flow.

Example

A beneficiary account has previously been approved and added as a Trusted Beneficiary.

Later, a new Pay Out transaction is submitted to the same beneficiary account. During account inquiry, a name mismatch is detected:

Scenario 1: Trusted Beneficiary Match

The transaction details match the Trusted Beneficiary record exactly.

Outcome: The transaction is automatically approved and continues processing despite the name mismatch.

Scenario 2: Trusted Beneficiary Mismatch

The transaction details do not fully match the Trusted Beneficiary record.

Outcome: The transaction is not automatically approved and follows the standard Name Mismatch review flow.

Key Features

1. Navigate to Trusted Beneficiaries: Navigate to the “Pay Out” section on the sidebar menu, and click “Trusted Beneficiaries”.
2. Search: Locate entries by entering the exact Account Number or a partial/full Actual Account Name.
3. Filter: Narrow down results by Currency, Payment Method, Payment Channel, Updated Date, or Updated By.
4. Trusted Beneficiary Details: Each entry displays the following information:
   1. Currency: The currency of the entry.
   2. Payment Method: The payment method associated with the entry.
   3. Payment Channel: The payment channel associated with the entry.
   4. Account Number: The beneficiary account number.
   5. Actual Account Name: The name registered in the bank's record, not the name submitted in the original transaction request.
   6. Customer Reference: The customer reference associated with the entry.
   7. Updated Date: When the entry was last updated. Hover for timezone tooltip.
   8. Updated By: The user who last created or updated the entry. Shows System if the action was performed by the Xenith team.
   9. Remarks: Free-text notes associated with the entry.
5. Action icon: drop down list of actions that can be done on each of the entry

Managing Trusted Beneficiaries

User Access Management

Access to the Trusted Beneficiaries module can be configured per user in the User Management section of your dashboard.

Adding a Trusted Beneficiary

Trusted Beneficiaries are added through the standard Pay Out approval flow when you approve a transaction flagged for Name Mismatch review. For the full flow, refer to Approving a Name Mismatch Transaction.

Deleting a Trusted Beneficiary

1. Locate Entry: Find the entry in the table and verify that it is the correct one to be deleted by checking the details. Once confirmed, click the action icon and click “Delete”
2. Confirm Deletion: To confirm deletion, click “Confirm” on the confirmation pop up.
3. Deletion’s Confirmed: Once confirmed, the entry is removed from your Trusted Beneficiaries list immediately.