Counterparties

In the Braid API, a Counterparty represents the individual or business on the other end of a transaction. For example, if a user sends money to a friend, that friend is the counterparty. The Counterparty API facilitates operations such as retrieving, adding, updating, and deleting counterparties.

Key Concepts for Counterparties

1. Counterparty Profile:
   A Counterparty includes main details like name, email, phone, and three potential payment methods: ACH, Wire, and Braid Account. Only one payment method is required for the counterparty to be used in a transaction.

2. Levels of Association:

   • Customer Level: A counterparty associated with a specific business or individual is private to that customer and accessible only within that entity.
   • Account Level: A counterparty tied to a specific account can only transact with that account.
   • Product Level: A counterparty at the product level is accessible across all users, suitable for commonly shared entities like billers or IRS payments.

3. Payment Methods:
   A counterparty can be set up with one of the following payment methods:

   • ACH: For transactions using the ACH network.
   • Wire: For wire transfer transactions.
   • Braid Account: For transactions involving another Braid account.

   At least one of these payment methods must be provided for the counterparty to be transactable.

Summary

Each counterparty can be managed at various levels, providing flexibility in how they are accessed and used across accounts, customers, or products. By defining the counterparty’s payment methods, developers enable different transaction types suited to the needs of their users.