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Payment recipients overview

In a payment or a template, a recipient is any person or business with whom your business may exchange funds. You can send funds to or receive funds from the recipient. After you create a recipient, you can include the recipient in multiple payments or templates.

A payment or a template must have at least one recipient assigned. If the recipient for a payment or template does not exist, you can add a one-time recipient when you create the payment or template. Each recipient must have one or more associated accounts. Wire transfers require beneficiary financial institution. Wire transfers may also need an intermediary financial institution.

The beneficiary is the person or business who should receive the funds in a wire transfer. When you add an account that you intend to use in a wire transfer, you specify a beneficiary financial institution that will accept the transfer on behalf of the beneficiary.

An intermediary financial institution is a receiving financial institution other than the beneficiary financial institution. The wire transfer goes first to the intermediary, which retransmits it to the beneficiary financial institution.

If you have the Manage Recipients feature assigned, you can do the following:

Create recipients
Edit recipients
Create a new template (users without Manage Template access can create templates by Transaction Type if the user has Manage Recipient rights and Draft rights to the Transaction Type)

The Recipient Management page does not appear if your rights do not permit you to manage recipients.

Note: If you create a new template based on an existing template or payment, then the new template's name must be unique. Otherwise, a random number will be added to the newly created template's name. For example, if you create a template based on a template named "VendorTemplate", the duplicate template will be named "VendorTemplate230".