The “add a beneficiary” functionality will soon be disabled and replaced by assigning a contact.
For users with existing beneficiaries, these will need to be migrated by assigning a contact.
Follow these steps to migrate a beneficiary:
- Log in to your BVNK account.
- Navigate to the 'Bank Beneficiaries' section in the menu on the left-hand side.
- Click ‘Assign Contact’ next to the beneficiary that has been selected*.
- Choose from the list of existing contacts that the beneficiary should be migrated to. Alternatively, click ‘Add contact’ to create a new one.
- Confirm the details are correct by entering the authentication code.
*Note: If there is no option to click ‘Assign Contact’ next to the beneficiary, this means they have already been migrated, and no further action is required.
See frequently asked questions below.
FAQ
1. Is it possible to edit the Contact name for existing Beneficiaries that we are converting into Contacts?
Unfortunately, you can't edit beneficiaries on the portal, but when you move them over to contacts, you can alter the names if needed.
2. Can the system support multiple Contacts with the same name?
Yes, for businesses. The business registration number makes it unique, however, this is only used for crypto payouts and not required for fiat payouts.
3. The system requires a Beneficiary Description as a mandatory field. What type of information should be entered here? Why is this field mandatory?
The description field is exactly the same as what's required for current beneficiaries. This is required to distinguish between bank accounts (E.g. Savings Account, Checking Account, etc)
4. Why is it possible to edit the Business Name but not the Contact Name?
You can update the contact name. Navigate to the 'Contacts' section, click on the 'Edit' option on the right side. You can also click on the contact and select the pencil icon in the context section.
5. Under Beneficiary Address, the only available field is the Country. Is this the only address detail required?
If not, where are the additional address fields captured?
We only ask for the extra address fields if it's needed for the payment rail you have selected (E.g. SWIFT, FEDWIRE, FEDNOW, etc)
6. Are there any other changes we should be aware of regarding this transition?
Will any additional information be reflected on transactions we process using these Contacts?
There are no other changes, and the same information that was previously reflected will remain.