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:

   • Account Level: A counterparty tied to a specific account can only transact with that account.
   • Customer Level: A counterparty associated with a specific business or individual is private to that customer and accessible only within that entity.
   • 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.