A counterparty is an external account that you can transfer money to and from. All ACH and Wire transfers originated by Column take in a
counterparty_id to identify the destination of the transfer.
Our counterparty object stores an external routing number and bank account and can also store additional information or transaction details, as desired or required. Once you have created a counterparty, you can send money to or pull money from that counterparty.
A domestic ACH transaction only requires a valid account and routing number. For
WEB debit ACH transactions you are responsible for validating the account and routing numbers. Learn more about the NACHA rule.
For domestic and international wires and IAT (International ACH Transfer) transfers you'll need to add name and address information about the receiving party so we can perform OFAC screening and necessary compliance monitoring. You can find specific requirements on creating counterparties in our counterparty object.