How to Create and Manage Beneficiaries

Beneficiaries are the accounts or wallets you send funds to from your Orbital accounts. Setting them up correctly ensures your payments are routed to the right destination. You can set up both fiat accounts (like bank accounts) and crypto wallets as beneficiaries.

Once a beneficiary is created, you can easily reuse it for future payments, which speeds up your workflow and reduces the risk of errors. Within the Client Portal, you have full control to add new beneficiaries, manage existing ones, and remove those you no longer need.

How to Add a New Beneficiary

Follow these steps to add a new beneficiary to your account.

Step 1: Navigate to the Beneficiaries Page

1. From the left-hand navigation menu, go to Treasury Solutions > Beneficiaries.
2. Then, click the Create beneficiary button to open the Add New Beneficiary dialog.

 Step 2: Enter Account Information

The information you need to enter next depends on whether you're adding a fiat bank account or a crypto wallet.

• For Fiat Beneficiaries:
  • Select the country of the receiving bank.
  • Enter the full account details (e.g., IBAN, BIC, Account Number).
  • Enter the beneficiary's personal or business information (e.g., name, address).
  • Click "Add Beneficiary".

• For Crypto Beneficiaries:
  • Select the blockchain network for the wallet (if required).
  • Enter the recipient’s wallet address.
  • Enter the beneficiary's name.
  • Click "Add Beneficiary".

Step 3: Verify to Activate the Beneficiary

Due to compliance regulations, you may be required to confirm your identity after adding a new beneficiary. This is a necessary security step. Once your verification is complete, the new beneficiary will appear in your list with a "New" status until it is fully verified and active.

How to Delete a Beneficiary

You can permanently remove a saved beneficiary at any time.

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Deleting a beneficiary is a permanent action that cannot be undone. If you want to use the same counterparty again, you will need to re-add them as a new beneficiary.

1. In the Beneficiaries table, find the beneficiary you want to delete. You can use the filter options to help locate them if needed.
2. Click the trash can icon next to the beneficiary's entry. A confirmation dialog will appear. Click "Delete Beneficiary" to permanently remove it from your list.

By following these steps, you can efficiently manage your beneficiaries in the Orbital Client Portal, ensuring accurate and secure payments for all your transactions.