---
title: "New Payout Beneficiary"
method: POST
path: "/payout-beneficiary"
tags: ["Payout Beneficiary"]
---

# New Payout Beneficiary

`POST /payout-beneficiary`

Add a beneficiary to transfer funds. The beneficiary can be an individual or a company, serving as the receiver of funds. Fill in the required fields provided by the [Get Required Fields by Payout Method](/reference/getrequiredfieldsbypayoutmethod-1) API.

> Beneficiary will be activated after 24 hours of creation.

> The body parameters listed below are exhaustive and represent all the beneficiary details accepted by Finmo, which vary depending on the market.

> Since beneficiary parameters may differ by market, it is recommended to create a beneficiary token when intending to send funds to one's own account.

## Request body

- object
  - `type` 'company' | 'individual', required — type can be either 'individual' or 'company' based on the beneficiary
  - `beneficiary_name` string, required — Display Name of the payout beneficiary
  - `currency` string — Beneficiary Currency
  - `company` object, required — **Conditionally required:** Either an Individual object or a Company object must be specified, but not both.
    - `address_city` string — City
    - `address_country` string — Country
    - `address_line1` string — Address Line 1
    - `address_line2` string — Address Line 2
    - `address_state` string — State
    - `address_zip_code` string — Valid Zip/postal code
    - `company_email` string — Email Id of company
    - `incorporation_country` string — Incorporation Country
    - `name` string, required — Name
    - `phone_country_code` string — Phone country Code
    - `phone_number` string — Mobile Number
    - `registration_number` string — Company Registration Number
    - `identification_type` string — Identification Type (ID Specific)
    - `identification_value` string — Identification Value (ID Specific)
  - `individual` object, required — **Conditionally required:** Either an Individual object or a Company object must be specified, but not both.
    - `address_city` string — City
    - `address_country` string — Country
    - `address_line1` string — Address Line 1
    - `address_line2` string — Address Line 2
    - `address_state` string — State
    - `address_zip_code` string — Valid Zip/postal code
    - `country_of_residence` string
    - `dob` string — Date of Birth
    - `email` string — Email Id
    - `first_name` string, required — First Name
    - `identification_custom_type` string — Identity custom type
    - `identification_type` string — Type of identity document: WORK_PERMIT, PASSPORT, NATIONAL_ID, DRIVERS_LICENCE, OTHERS
    - `identification_value` string — Indentity Document Number
    - `last_name` string, required — Last Name
    - `nationality` string — Nationality
    - `phone_country_code` string — Phone Country Code
    - `phone_number` string — Phone Number
  - `description` string — Description of Transaction
  - `bank_country` string — Bank Country
  - `bank_name` string — Name of the Bank
  - `account_number` string — Account Number
  - `bsb` string — BSB (AU specific)
  - `bic_swift` string — Swift Code
  - `intermediary_bic_swift` string — We strongly recommend to provide an intermediary bank for all wire transfers using SWIFT to banks and non-banking financial institutions in Europe, Africa and USA. This will reduce delays in crediting funds with beneficiary especially if its to a non-banking FI.
  - `iban` string — IBAN (EU & UK specific)
  - `aba` string — ABA Routing Number (US Specific)
  - `sort_code` string — Sort Code (UK & IE specific)
  - `pay_id` string — NPP PayID (AU Specific)
  - `pay_id_type` string — Mention the type of PayID,It takes values ["EMAIL, PHONE, ORG, ABN"]
  - `ifsc` string — IFSC code
  - `branch_code` string — Branch Code
  - `bank_code` string — Bank Code
  - `organization_reference_id` string — A reference you can later use to identify this payment, such as an order number. Can only be alphanumeric and must be unique for Benefit.
  - `metadata` object — Custom Data
  - `proxy_type` string — Proxy Type (SG Specific)
  - `proxy_value` string — Proxy Value (SG Specific)
  - `payout_beneficiary_controls` object — Controls specific checks during beneficiary creation.
    - `is_payout_beneficiary_on_name_mismatch_allowed` boolean

## Response `201`

Created

## Other responses

- `400` — Bad Request

---

[API](https://skmtc.dev/finmo/apis/finmo-api.md) · [All operations](https://skmtc.dev/finmo/apis/finmo-api/llms.txt) · [OpenAPI document](https://skmtc-service-production.skmtc.workers.dev/v1/apis/finmo/finmo-api/revisions/1a3073c93930/schema)