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Counterparties

Overview​

On the BlockWyre platform, a counterparty is an entity or person to whom the account holder can send bank payments from their account's fiat balance. Counterparties are used exclusively for outgoing bank transfers: ACH or wire for US and international bank accounts, and each country's own bank details for the country-specific counterparties (Mexico, Colombia, Argentina, Brazil, Nigeria). US counterparties are saved on /v3/banking/counterparties; the other countries stay on v2.

What is a Counterparty?​

A counterparty is a designated recipient who can receive fiat funds from the account holder's BlockWyre account via bank transfer. The counterparty's banking details are stored on the platform to facilitate secure and efficient fund transfers.

Counterparty Functionalities​

Adding Counterparties​

Account holders can add counterparties by providing the necessary banking details, such as the counterparty's name, bank account number, and routing number. This information is used to make fund transfers from the account's fiat balance.

Making Payments​

Once a counterparty has been added, account holders can make payments from their fiat balance using ACH transfers or Wire. The BlockWyre platform facilitates these transfers, ensuring that funds are sent securely and efficiently to the designated counterparty.

Transaction Monitoring​

Account holders can monitor the status of their payments and the history of transactions to counterparties through the BlockWyre platform. This provides transparency and allows account holders to manage their payments effectively.

Key Terminology​

  • Counterparty: An entity or person designated to receive bank payments from the account's fiat balance.
  • ACH (Automated Clearing House): An electronic funds transfer system used to make payments and deposits.
  • Wire: A funds transfer service that facilitates electronic payments.

Support and Resources​

If you need assistance or have any questions, our support team is here to help. You can contact our support team at support@blockwyre.com.

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We are excited to have you on board and look forward to seeing how you leverage BlockWyre's powerful tools to enhance your financial operations. Happy integrating!