Payee Bank Account Information Details Form

Introduction

This guide outlines how to view, create, edit, and verify the Payee Payout Details Form to ensure seamless and secure payment processing.

Viewing the Payee Payout Details Form

1. Prerequisite:

   Ensure your account is enabled for payments and you have completed the compliance onboarding process.

   Access:

   • Payees can view the Payment Details Form through the Curve Payee Portal.
   • You can view the Payment Details Form on the right side of the Payee Details Page on your Curve interface.
   • This form displays the required information for payees to receive payouts effectively.

Creating & Editing the Payee Payout Details Form

1. Client Control:
   • As a client, you can enter or update payee payout details at any time.
   • The form allows you full control over managing your payees' payment information.
2. Currency Selection:
   • Payees can select their preferred currency from 36 supported currencies.
   • The selected currency should be supported by the payee’s bank account and be the local currency in the account’s country to avoid conversion fees and bad exchange rates upon receipt of the payment.
3. Payment Type:
   • Choose between:
     • SWIFT (Priority International Payments): Higher cost but allows for easier tracking.
     • Local (Regular Domestic Payments): Recommended for lower costs.
       • Refer to your Payments Pricing Table for applicable fees per currency & method.
   • Some payment methods may be restricted based on the payee's bank account location & preferred currency.
4. Bank Account Identifiers:
   • Enter the required details, including:
     • IBAN
     • BIC
     • Sort Code (or equivalent)
   • The form dynamically adjusts fields based on:
     • Payee’s bank account location.
     • Selected preferred currency.

Verifying a Change in the Payee Payout Details Form

1. Fraud Prevention:
   • Verify that the payee’s bank account holder name matches:
     • The actual bank account name.
     • The entity or individual listed in your contract.
2. Manual Review & Approval (Optional Feature):
   • Enable this feature for enhanced security to manually review and approve all changes to payee payout details.
3. UK-Specific Verification (Mandatory Feature):
   • For UK-based payees, we provide an additional feature to cross-check the bank account name:
     • Matching Name: Confirm if the name aligns perfectly.
     • Similar Name: Review and decide to accept or adjust.
     • Wrong Name: Flag and adjust before proceeding.
       • You can proceed to ignore the warning at your own risk and attempt to make a payment to the newly added or edited payee bank account details entered.
4. Approval Workflow:
   • Accept changes or go back and edit the details to ensure the information is accurate and aligns with your contractual agreements.

Review Payee Details

1. Overview:

   • At a glance, clients can review the details entered by the payee or those entered on their behalf.

     Personal Details Section:

   • Verify the payee’s personal information:
     • Individual Status: Confirm if the payee is an individual.

     • Location: Review where they are based.

       Granular Details Section:

   • Check the following key information:
     • IBAN
     • SWIFT
     • Preferred Currency
     • Bank Name

     • Bank Address

       This ensures accuracy and compliance with the payee’s banking and payment requirements.

Payee Name Validations

Company Signifiers Validation

We do not accept company signifiers in the Last Name field for payers and beneficiaries of the type individual.

A company signifier is a term or abbreviation that identifies the type of business entity or corporation. This is usually added at the end of a company's name.

This is the list of company signifiers that we validate against for various countries.

Examples:

Full Name Validation

We require full names and will not accept only initials in the first name or last name field for individuals. Each name field must contain at least one full name part.

This applies only for payers and beneficiaries of type individual.

Numeric Name Validation

Individual's names should not include any numbers.  Company names, while they can include numbers, should not be made up entirely of numbers.

This applies only for payers and beneficiaries of type individual.

This applies only for payers and beneficiaries of type company.

Numeric Address Validation

If an address is required for the beneficiary or payer, the fields below should not be populated with only numeric characters:

• payer_address
• payer_state_or_province
• payer_city
• beneficiary_address
• beneficiary_state_or_province
• beneficiary_city

This applies for payers and beneficiaries of both types - individual and company.