Creating a Counterparty

Understand how to create a counterparty

What is a counterparty?

Counterparties are an important feature in the Cybrid Platform that allow for enhanced compliance and transparency in financial transactions. They represent the individuals or businesses involved in transfers, both as senders and receivers. With counterparties, Cybrid's partners can provide detailed information about the source and destination of funds. This enables proper sanction screening and helps meet regulatory requirements.

Creating a counterparty

You can create a counterparty via the POST /api/counterparties endpoint for "individual" and "business" customers. Counterparties on the Cybrid Platform can be associated with a bank or a customer on the Cybrid Platform, by calling the API using a customer token or by optionally passing a customer_guid.

Individual Customer

An example POST /api/counterparties for "type"="individual" request body is below:

{
  "type": "individual",
  "name": {
    "first": "<insert first>",
    "middle": "<insert middle>",
    "last": "<insert last>"
  },
  "address": {
    "street": "<insert street>",
    "city": "<insert city>",
    "subdivision": "<insert state/province>",
    "postal_code": "<insert zip/postal code>",
    "country_code": "<insert country code>"
  },
  "date_of_birth": "<insert DOB>",
  "customer_guid": "<insert customer_guid>"
}

Business Customer

An example POST /api/counterparties for "type"="business" request body is below:

{
  "type": "business",
  "name": {
    "full": "<insert full>"
  },
  "address": {
    "street": "<insert street>",
    "city": "<insert city>",
    "subdivision": "<insert state/province>",
    "postal_code": "<insert zip/postal code>",
    "country_code": "<insert country code>"
  },
  "customer_guid": "<insert customer_guid>"
}

How to understand when a counterparty is complete

After creating a counterparty, you can check the state of the counterparty using the GET /api/counterparties/{counterparty_guid} endpoint.

The counterparty will progress immediately from "state":"storing" to "state":"unverified".

The counterparty will remain in "state":"unverified" until an identity verification is successfully completed for the counterparty.