Counterparty

In Braid’s ecosystem, a Counterparty represents the external entity (payee or payer) involved in a transaction. A counterparty can be an individual or business entity.

API Details

API to add a Counterparty

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: Counterparties can be created with three levels of association and may be reused across multiple transactions if permissions allow.
   1. Account Level: A counterparty tied to a specific account can only transact with that account.
   2. Customer Level: A counterparty associated with a specific business or individual is private to that customer and accessible only within that entity.
   3. 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:
   1. ACH: For transactions using the ACH network.
   2. Wire: For wire transfer transactions.
   3. FedNow: For FedNow transactions.

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

Wire Payment Scenarios

Scenario 1: Domestic Wire Transfer

Use Case: U.S. customer sending USD to another U.S. bank.

For a Domestic Wire Transfer Receiver Bank will be considered the beneficiary bank.

Important API Fields: beneficiaryAccountNumber and receiverRoutingNumber.

Scenario 2: International Wire with No Intermediary Bank

Use Case: U.S. sender wiring funds to a UK beneficiary where the Receiver FI (US) has direct correspondence with the beneficiary bank (UK).

Scenario 3: International Wire with Intermediary Bank Use Case: U.S. sender wires funds to a UK bank, but requires a Canadian intermediary bank in between.