Counterparties

A counterparty represents a specific customer/vendor of the client. A counterparty can be a legal entity or an individual.

Any user can create and manage counterparties from the “Counterparties” page.

Counterparty will have a status "Active" or "Inactive", counterparty can be made inactive via API call.

Counterparty’s bank account is verified against it’s name using Deutsche Bank's (DB) account verification API.

Creation of counterparties

Counterparties can be created in one of three ways.

1. From the counterparties screen
2. When setting up a payout or collection via the in-line "new counterparty" option or,
3. Automatically through Mandate Synchronisation

Counterparty reference

There is an option for you to add either a new counterparty reference or an existing reference ID from one of your existing core system (ERP, CRM, etc.).