Counterparties

Counterparties represent the beneficiaries of payments made through the system. Depending on the destination of your funds, counterparties can be identified in various ways. Accurate identification ensures seamless and efficient transactions.

Sending Funds Externally to Existing Counterparties

If the counterparty already exists within the system, you can use the counterparty_id to identify the beneficiary during the payment process. This ensures quick and reliable processing of transactions to pre-registered counterparties.

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Available Soon

A dedicated API for managing counterparties will be available soon, providing additional functionality for creating, updating, and managing counterparties directly.

Sending Funds Externally to New Counterparties

For payments to new counterparties, users can provide the required details directly when initiating the payment:

• Name
• Account Number
• Sort Code

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Include Counterparty Details

Including counterparty details in the payment request will facilitate the transaction but will not create a new counterparty record in the system.