Counterparties
Depending on the destination of your funds, the payment counterparty can be identified in various ways. Ensure accurate identification for seamless transactions.
Sending Funds Externally to an Existing Counterparty
Proper identification of counterparties ensures that your funds reach the intended recipient quickly and accurately.
The counterparty account can be identified using the account_id of the destination account.
Note: Sending funds to Wallet accounts works similarly to standard accounts; you only need to identify the counterparty account_id with the wallet account_id. When transferring funds internally between your own wallet accounts, there's no need to provide the wallet business reference in the payment reference. The wallet business reference is required only when funds arrive from external (third-party financial institutions) accounts.
Sending Funds Externally to Existing Counterparties
For sending funds to a counterparty that already exists in the system, the counterparty can be identified using the counterparty_id
Note: A dedicated API for Counterparties management will be available
Sending Funds Externally to New Counterparties
Users can create new counterparties on the go by providing the necessary details:
- Name
- Account number
- Sort code
Note: Providing the counterparty details within the payment will NOT create a new counterparty in the system.
Updated 5 months ago