Managing Beneficiaries

You can manage the beneficiary's information through the four CRUD methods of the Contacts API:

• Create a New Contact
• Retrieve Your Contacts List
• Update a Contact
• Delete a Contact

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Interchangeable terms

The articles use the terms contact and beneficiary interchangeably.

Having the beneficiary's information stored in the system simplifies your withdrawal requests because the system keeps the transaction's taxonomy (metadata) alongside the beneficiary's information. As a result, you must only provide the contact ID number in your request, and the system retrieves what is needed.

Whereas, for a beneficiary not stored in the system, you must provide the destination address and the transaction's taxonomy in every request.

In the case of transactions that must undergo the Travel Rule (TR) flow, storing your beneficiary's data is even more helpful because, in this case, the TR information is necessary only in the first withdrawal. The subsequent ones neither require the TR information nor the TR flow.

In contrast, when the beneficiary is not in Bitso's system, transactions must include the TR information and undergo the TR flow every time.