Creating a Counterparty

How to create a counterparty and manually enter account details

A Counterparty is an entity outside of your organization to send or receive money from. They can either be an individual or a business. In order to create the Counterparty, you will want to click "+ New Counterparty" within the Counterparties section.

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From here, you can establish a counterparty just from entering the individual's or business's name and email address.

From here, you can either manually enter in the bank account information or you can send a counterparty invite in order to collect that information (information on how that works here).

If you are manually adding the bank account information, you will be able to enter the following:

  • Name on Account - This is required; you will need to enter the legal name that is attached to the bank account.
  • Account Nickname - This is not required; you can use this to easily identify the counterparty's external account as needed. This is for internal use only.
  • Counterparty Type - This is not required, but is useful; this helps distinguish between a PPD and a CCD payment (these are Standard Entry Class codes for ACH).
  • Account Type - Not required; this is to identify whether the account is a checking or savings account.
  • ABA Routing Number - This is required for ACH and wires; this is not required for sending checks.
  • Account Number - This is required for ACH and wires; this is not required for sending checks.
  • Address on Account - This is required for wires.
  • International Details - This is required for international wire payments.

Within the counterparty, you can also add default accounting details or metadata if needed for your respective business.

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