A Counterparty is an entity outside of your organization to send or receive money from. Upon creating your counterparty, you can send them an invitation so that they can provide their bank account details.
note: Before sending an invitation you should know which country their bank account is in, so that you can request the correct information.
To send an invitation
- Login to Modern Treasury and go to the Counterparty page
- Search for and select the Counterparty you want to collect information from, or create a new one by clicking "Create New" in the top right corner
- From the Counterparty's page click "Actions"
- Click "Send Invitation"
- Select the information you need to collect
- Keep in mind that bank accounts in different countries have different information, so you may need to resend an invitation if you don't ask for the correct fields initially
- Click "Invite" to send the invitation
After you complete this process the Counterparty will receive an email prompting them to input their account information. Once filled out, Modern Treasury will fill in the account information within the Counterparty and you can begin initiating payment orders with the new Counterparty information.
note: Additionally, we highly recommend using Plaid or microdeposits to verify the accounts you are collecting to ensure accurate account information and to assist in avoiding returns, however, verifications are not required.