TransferMate is committed to continually enhancing the accessibility and user experience of our API solutions to meet the evolving needs of our customers.
We have introduced the Beneficiaries Portal to simplify the process your payers and beneficiaries make to share accurate bank details via TransferMate.
Found under the “Make a Payment/Beneficiaries” tab on the TransferMate Platform, this new portal collects beneficiary data directly from the source, enabling smoother payouts.
What is the Beneficiaries Portal?
The Beneficiaries Portal is a self-service tool that simplifies global payables management for your team. From the portal, you can enter the beneficiary's name, email, and phone number. Then, instead of your team collecting sensitive bank details via email or phone, you can invite the beneficiary with a secure portal link, allowing them to complete the form’s bank details in minutes. This results in fewer data errors, fewer returns, and faster payment processing.
How does the Beneficiaries Portal process work?
1. Create a request: Enter the beneficiary’s name, email, and phone number. Then add a reference if needed.
2. Send a secure link: The beneficiary receives an email with a unique link to your dedicated portal page.
3. Beneficiary self-service: Your beneficiary enters their bank details and confirms the information. The portal supports country-specific fields to help avoid formatting mistakes.
4. Review and pay: You can view the submitted client details inside your dashboard, authorize the beneficiary, and book a payment.
5. Optional verification: Where enabled, the flow can connect to Account Verification to add an extra check before funds move.*
*Account Verification linkage is available where supported. Speak with your TransferMate representative for enablement and scope.
Why does the Beneficiaries Portal help?
Once established in your TransferMate account, the Beneficiaries Portal will help to save time in your administrative workflow and speed up the payables process.
Beneficiaries Portal Benefits:
- Cut manual effort: Your team no longer needs to chase IBANs or retype account data.
- Reduce returns and rework: Let beneficiaries input the information once, correctly, and lower the chance of failed payments.
- Improve compliance: Move sensitive details out of inboxes and into a controlled portal with an auditable trail.
- Speed up payables: Correct data flows through more quickly, so you reconcile sooner and maintain cash flow visibility.
- Create a single source of truth: Beneficiary profiles are saved in your TransferMate dashboard, helping future payments run smoothly.
Benefits of the Portal for Student Tuition Refunds
Many universities and education partners will use the Beneficiaries Portal in conjunction with our Global Accounts offering for education payments.
Common scenarios include:
- Scholarship and stipend disbursements: Invite students or research partners to provide their bank details, aligned to your reference fields (student ID, program code) for scholarship or bursary payments.
- Tuition refunds: When a refund is approved, you can send the portal link so that a student can provide the correct destination account. This helps avoid sending funds to outdated or third-party accounts.
- Agent and partner payments: For international agent partners, let them maintain their details directly, reducing back-and-forth and supporting faster month-end cycles.
A familiar, focused experience
The portal maintains a consistent look and feel with TransferMate, while providing every client with a dedicated page. That keeps the experience simple for beneficiaries and straightforward for your finance team. You control who you invite, which requests are outstanding, and when a payment is ready to release.
To get started, go to the “Make a Payment” payment tab and submit a request to gain access to the Beneficiaries Portal. If you want to connect Account Verification or configure education-specific fields and references, contact your TransferMate Relationship Manager, and we will tailor the setup to your workflow.
Ready to try the Beneficiaries Portal? Reach out to your relationship manager or contact TransferMate directly for support on how to enable the portal for your business today.
