Creating and Approving Beneficiaries

Create beneficiaries to send payments to to save having to re-enter details each time.

Creating new Beneficiaries in the Modulr Portal can be done in a few simple steps outlined below. Newly created Beneficiaries will need to be approved before they can be used.

Modulr only

Beneficiary checking – Confirmation of Payee ('CoP')

For added security and your peace of mind, when creating a Uk GBP beneficiary, we'll run a check with the beneficiary's bank to ensure the name provided matches the details at the bank.

Be cautious

Remember, you must still exercise caution when creating payments and beneficiaries. The service is an account details checking service and doesn't protect against all types of fraud. If something doesn't seem right about a payment or beneficiary details, stop and question it even if the details match.

Information required

The Beneficiary name (max 18 characters)
The sort code
The account number
The account type (business or personal)
A reference message (this appears on the Beneficiary’s statement)

Creating a beneficiary

Select ‘Beneficiaries’ in the side menu
Select 'Create Beneficiary' above the table
Complete the details in the form that’s displayed. You may see an option to select Currency if you hold accounts in currencies other than GBP.
Select ‘Create’ – you'll see a message confirming the beneficiary details match those at the bank. If they don't match, we'll highlight what might be wrong – double-check the details with the beneficiary and only proceed if you're sure they're correct.
See the table below for details about the detail-checking messages.
To finish, you’ll be prompted for an Authy authentication on your phone.
The Beneficiary can be viewed in the ‘Unapproved’ tab on the Beneficiaries page until approved. Learn more about approving beneficiaries.

Account details checking messages

In all cases, it's always a good idea to double check beneficiary details when creating new beneficiaries.

Message	Details
Match	The details provided match the details held at the bank.
Partial match – account type	The name matches but the account type may be wrong.
Partial match – account name	The name provided is similar to the details held at the bank, but not exactly the same.
No match	The details provided don't match those at the bank – the name may be incorrect, as well as the account type.
Account not found	The details provided can't be found at the bank.
CoP unavailable	The account details checking service (CoP – Confirmation of Payee) isn't available at the provided bank.
No response	The account details checking service is temporarily unavailable.

Approving beneficiaries

The process to approve a beneficiary is the same as for approving payments or batches. (Pending Beneficiary Approvals can be viewed in the ‘Beneficiaries’ tab on the Approvals page). Once a Beneficiary is approved, it becomes active and can be used for payments. Active beneficiaries can be viewed in the Beneficiaries section in the side menu.

Select Approvals from the side menu.
Select the Beneficiaries tab
Select the beneficiary or beneficiaries that you wish to approve or reject by checking the box on the left side of each table row. You can also select all by checking the box in the table header row.
In the action bar that appears at the bottom of the table, select Approve or Reject.
Confirm the action you selected in the confirmation summary box that appears (you’ll be prompted for an Authy authentication). Beneficiaries will now be active and ready to use for making payments in the Portal.

Rejected Beneficiaries

Rejected beneficiaries won't be set up or made active and will be removed from the Approvals → Beneficiaries table.