Creates a new beneficiary. A beneficiary is an individual or business entity that is able to receive a payment. *
Overview
Beneficiary creation is optional if you would like to manage them within Orbital. Approved beneficiaries can then be specified as the recipient when making an outbound payment. You can link your own internal beneficiary identifier to the Orbital beneficiary by using the beneficiaryReference field.
To meet regulatory obligations, Orbital will screen a beneficiary before allowing it to receive a payment. Approval will be communicated via either the BeneficiaryRejected or BeneficiaryApproved webhooks.
It is not mandatory to specify a previously created beneficiary ID when creating a payment. You may instead provide full beneficiary details within a payment itself, and Orbital will create a beneficiary automatically and screen it as part of the payment processing flow, or use an existing matching beneficiary if one is found.
Flow
The flow for creating a beneficiary is in two main parts
- Synchronous processing: Orbital will validate the request.
- Asynchronous process: Orbital will screen the beneficiary and send webhooks to let you know of the status