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.
Once you have created a counterparty - you can send money to it (or pull from it)! A counterparty stores an external bank account and can also store additional transaction detail, as desired or required.
Wire and IAT Transfers: For wires and IAT (International ACH Transfer) transfers you'll need to add name and address information about the receiving party so we can perform an OFAC screening and other compliance checks.
Domestic ACH: A domestic ACH transaction only requires a valid account and routing number. For
WEB debit ACH transactions you're responsible to validate the account and routing numbers. Learn more about the NACHA rule.