Creating a New Beneficiary

Step 1

To create or edit beneficiary templates in FXpert, navigate to Beneficiary Maintenance under Tools in the left-hand menu:

Step 2

Select Create New Beneficiary at the top of the page:

Step 3

In order to save a beneficiary template, the following fields are required:

• Template Name- This is the name that you and your team use to refer to the beneficiary
• Beneficiary Name- This is the name the banks will use in issuing payment
• Address 1
• City
• Country
• Bank Name
• Bank Country
• Swift Code or Routing Number
• Bank Account Number

In addition to these fields, certain countries may require additional information. If you enter the country into the Bank Information section, you might see more required fields populate. For example, Indian banks require an IFSC Number, and beneficiary contact information:

For more information on payment rules by country, please see our FXpert Guide: Purpse of Payment Requirements

Please note that there is a maximum number of characters allowed when saving a beneficiary template as stated below. If the maximum is exceeded, the template cannot be saved. 

*Helpful Tools

Bank Lookup

The Bank Lookup tool searches a database of swift codes to help you find the exact bank you are looking for. Just enter the bank name and city/country to pull up a list of bank options. You can also enter the routing number or swift code in the International/Domestic Routing Number field to find the rest of the bank information. Just select the desired bank from the search results to automatically populate on the template. 

Beneficiary Email

You can enter the beneficiary's email address in the field Beneficiary Email. This will prompt an email notificaiton to the beneficiary when their payment is initiated:

Notes

In the Notes field, you can enter intercompany notes, such as the goods or services related to the beneficiary:

Beneficiary Approval

Once a beneficiary is created, it will require approval before it can be used. Beneficiary Approvals can be navigated in 3 ways: On the Home screen, under Action Items, or under Beneficiary Maintenance:

Step 1

On the top of the Home screen as seen in the image above, there are 15 beneficiaries requiring approval. If you click on Beneficiaries Requiring Approval, it will take you to the Beneficiary Approval screen under Action Items. Here, you will see only the beneficiaries that need to be approved. 

Step 2

Click the green Approve button and a banner will appear at the top of the screen to let you know that the beneficiary has been approved. In the image below, the approval count shows as 0/1. This means that 1 approval is needed. Depending on the approval settings for your company, there could be more approvals required. Typically, the user who created the template cannot be the one to approve. 

Once the approval count requirement is met, the template will leave this queue. If you need to make changes to the template after it's approved, you can find it under Beneficiary Maintenance. Approvals can also be made to templates in Beneficiary Maintenance.

Edit Existing Beneficiaries

Step 1

 Navigate to Beneficiary Maintenance under Tools in the left-hand menu:

Step 2

Select the Edit button to the right:

Step 3

Make the needed changes to the template and then select Save. If no changes are made, the Save button won't become available. Should you need to delete the template, you can do so here. Templates can also be approved here. If the Approve button is grey, you can hover over the button to see why it cannot be approved:

Step 4

Once changes are made to a template, the Save button turns blue. After you select Save, that template will need to be approved again before it can be used: 

You can select View Audit Log to see all changes made to the template:

Here is an article on Troubleshooting Beneficiary Errors

If you experience any issues with beneficiary templates, please reach out to your Account Executive(s), Client Experience, or contact mysupport@gpsfx.com.