Managing Beneficiaries in Wafeq

Beneficiaries are the individuals or entities for whom, or through whom, financial transactions are carried out in your company. Payments can be transferred to them or received from them. Registering a beneficiary requires linking them to a bank account that supports payments. Beneficiaries are usually either:

• A supplier who receives payments.

• Or a customer who receives a refund.

Adding a New Beneficiary

Click on “Beneficiaries” from the main menu, then click the “Add” button.

Enter the information as follows:

• Contact: Select the beneficiary, which can be a vendor or a customer.

• International Bank Account Number (IBAN): Enter the beneficiary’s IBAN.

  • Auto-fill from IBAN: The system automatically fills in the remaining details once a valid IBAN is entered.

• Currency: Choose the currency for transactions.

• Beneficiary Name: The full legal name of the beneficiary (individual or company).

• Beneficiary Address: Enter the registered address of the beneficiary for compliance and matching purposes.

• Bank Name: Enter the name of the beneficiary’s bank.

• SWIFT: Enter the bank’s code (SWIFT/BIC).

  A SWIFT code is an international identifier, usually 8–11 characters long, used to uniquely identify banks worldwide.
  It is commonly referred to as:

  • SWIFT Code (from the SWIFT transfer network), or

  • BIC (Bank Identifier Code).

• Country: Select the country where the beneficiary’s account is located.

• Who bears bank fees: Define who will cover the transfer fees (the sender, the beneficiary, or shared).

After completing the fields, click “Save”.

Actions on the Beneficiaries List

• Search: Use the search bar above the list. Type part of the name or account number to quickly find a beneficiary.

• Country: Reorder the list based on country.

• Sort: You can sort data by date (for example, from oldest to newest or vice versa), alphabetically, or using various other sorting options based on your needs. You can also apply multiple sorting criteria simultaneously and easily rearrange the selected options by dragging and moving them, helping you present your data in a more organized and user-friendly way.

• Import: Upload a file containing multiple beneficiaries at once (You can find this option by tapping the three dots on the screen).

  For more details, please refer to the guide.

  Importing Beneficiaries into Wafeq

   

• Export: Download the current list of beneficiaries e.g., as a CSV/Excel file (You can find this option by tapping the three dots on the screen).

Deleting a Beneficiary

From the list of beneficiaries, click the “Delete Beneficiary” icon next to the one you want to remove.
Then click “Confirm.”