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Recipients overview

TL;DR - A recipient is somewhere money lands. Each recipient is scoped to a single customer, picked during the add-recipient wizard.

Account types

Recipients in v1 are fiat only - bank-account destinations, with one of three account types:

Type When to use
ACH US domestic, low-cost, slower settlement (1–3 business days).
Wire US domestic same-day or next-day.
SWIFT International. Requires SWIFT/BIC, full bank address, and a contactable phone number. Optionally accepts an intermediary (correspondent) bank routing number.

Crypto wallets are not payout recipients

Magma does not support adding crypto wallets as recipients of a payout. Crypto-to-fiat payouts still use a fiat recipient - the customer deposits stablecoin to a single-use address Magma generates, and the provider wires fiat to the bank account.

Destination crypto wallets that receive funds (the other direction) are managed separately as saved wallets on the customer, not as recipients.

Where to find them

Recipients live on a single page in the dashboard: Recipients in the left nav. The page lists every recipient across the fintech, searchable by name, email, or bank. The customer dashboard does not have its own recipients tab; manage them from the Recipients page and pick the customer there.

Compliance review

Every new recipient is subject to compliance review. The wizard shows a banner reminding you of this; in practice, screening happens behind the scenes against the upstream provider's lists. A recipient flagged in review cannot be used in a payout.

What's next