Beneficiaries are individuals or entities that are approved to receive funds from a transaction. The beneficiaries page in Kooltra lists all of the beneficiaries in the entity that you are accessing. To access the Beneficiaries page, click on Settlements > Beneficiaries in the navigation pane.
A list of the beneficiaries, their currency, account, if they are third party or not, their status, and their settlement method is shown in the Beneficiaries card. To create a new beneficiary, click on the green New button (highlighted in blue).
The Beneficiaries card has a local search bar in the top-right (highlighted in green) that allows you to search on any column in the card. There is also a More button (highlighted in grey), that when clicked allows you to export the beneficiaries list as a csv file.
When you click on the green New button, a new tab will open that will take you to the New Beneficiary Page. The New beneficiary page has a few tabs (highlighted in black below) that let's you add the beneficiary Details, Additional Information and Documents. You can also review beneficiary history in the History Tab.
To create a new beneficiary, you need to populate the Account and Name in the Beneficiary Details card. As a best practice, you should also fill out the Typeof beneficiary and what bank account you will use to pay this beneficiary (Pay From Account). You can also specify whether you'd like this beneficiary to be the default beneficiary for this account and currency. If this is a third party beneficiary (ex. a supplier for Acme Corporation), you can check off the third party checkbox. Once you have filled out all of the information click create (highlighted in blue).
Once you have filled out all of the information click create (highlighted in blue).
Newly Created Beneficiary
A newly created beneficiary will have a status of Pending, until that beneficiary is either approved or rejected. A beneficiary must be approved before they can receive funds. To approve a beneficiary, click on the Verify button. You may also reject a beneficiary by clicking on the Reject button if there is missing/incorrect information or if the beneficiary is not legally allowed to be paid out.
You'll also find a few additional cards, such as Bank Information, Bank Details, and Screening that allows you to document more information about this beneficiary.
Additional Info Tab
In the Additional Info tab, you can set an individual or corporation to receive the money on behalf of the beneficiary in the In Behalf of Beneficiary card. This may be the beneficiary's lawyer for example. You can also set the ultimate beneficiary in the Ultimate Beneficiary card. The ultimate beneficiary is the final recipient of the funds (ex. the specified beneficiary uses the money to pay their supplier). Note that anytime you update on a page, before leaving the page you should click the Update button.
Documents can also be added to a beneficiary. These documents may include an individuals drivers license, or a company's hydro bill for compliance reasons. To upload a document, follow the video instructions below.
Once a document is uploaded, you can change the details of this document, or delete this doucment.
To update the doucment.
- Click on Manage
- Change the fields or upload a new document
- Click on Update
To delete a document:
- Click on Manage
- Click on Delete
For compliance purposes, the field changes of beneficiaries are tracked. This field history can be found in the History tab.
beneficiary, details, documents