Any party receiving funds as part of a settlement must have an IBAN bank account and a National Address registered with Waffy:
- IBAN: Beneficiary name, national ID number, and account type.
- Address: Street, district, city, and country code.
If either of these details is missing, the settlement can still proceed, but the cash withdrawal for that specific party will be put on hold until their details are completed. We recommend registering these details for each user during setup, before creating any contracts.