Manage Beneficiary

Overview

Decentro's payouts stack lets you settle funds to a beneficiary account using the Initiate Payout stack. This requires the platform to enter the VPA or bank account details for each payout, such as bank account number, IFSC code, etc..

Decentro recommends creating beneficiaries where the outgoing transaction will be performed multiple times to the same beneficiaries. Decentro provides the below capabilities about beneficiary management.

Flow

These are the following actions available for managing a beneficiary.

• Add Beneficiary: The platform can add a beneficiary against any virtual account. The platform can whitelist the type of transfers this beneficiary can receive funds (IMPS/UPI/NEFT/RTGS).
  After adding a beneficiary, Decentro will create a URN against the beneficiary added, called beneficiary code.
• Modify Beneficiary: This allows the platform to modify added beneficiary details such as name, email, mobile number, etc. However, any added beneficiary's bank account details cannot be added, and a new beneficiary will need to be added.
• Disable Beneficiary:The platform can disable an existing beneficiary against any virtual account. This action will result in Decentro rejecting any transaction to the beneficiary.

The Manage Beneficiary API can be used by platforms to undertake beneficiary management on the platform's side.