AccountHoldingParty, Counterparty ... who is the customer

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In a /transaction-checks request you provide a fundsBeneficiary and a fundsOriginator. This defines the direction of the flow of money.

For most checks it is necessary to define:

  • who is the customer your business, the one who holds the account with you
  • who is the counterparty, the one who does not hold an account with you

This is defined by the field accountHoldingParty where you need to state whether it is the FUNDS_ORIGINATOR or the FUNDS_ORIGINATOR.

Examples:

Your customer transfers money to somebody else

`accountHoldingParty": "FUNDS_ORIGINATOR",
  
  "fundsOriginator": {
    "accountNumber": "DE12500105170648489890"
  },
  "fundsBeneficiary": {
    "accountNumber": "DE12500105170648489890"
  },...

Your customer receives money from somebody else

`accountHoldingParty": "FUNDS_BENEFICIARY",
  
  "fundsOriginator": {
    "accountNumber": "DE12500105170648489890"
  },
  "fundsBeneficiary": {
    "accountNumber": "DE12500105170648489890"
  },

But what if both sides are customer of the bank?

You might have special rules and threasholds for this case. However it is: the money transfer needs to be checked from both perspectives: Your customer, the originator sending money to somebody. And your customer, the beneficiary receiving money from somebody.
That means that these transactions have to be sent twice. Please see the "Internal Transactions" page for more details.

Important

The previous version of the Transaction Checks API, AML Checks, has been deprecated. This change has no impact on existing integrations which will continue to be supported.