Finding a counterparty’s accounts

A counterparty can be connected to an account in three different ways. Each way has its own panel, and each panel answers a different question.

Landing on the wrong panel is the mistake this article exists to prevent. A panel that answers a question you did not ask looks like an empty list. An empty list looks like “this counterparty has no accounts”.

The three questions

flowchart LR
    CP["A counterparty"]
    Q1["What do they hold<br/>with us?"]
    Q2["Whose accounts<br/>do they act on?"]
    Q3["Where do they<br/>bank elsewhere?"]
    P1["Accounts"]
    P2["Conveyanced Accounts<br/>Dealer Accounts"]
    P3["External Accounts"]
    CP --> Q1 --> P1
    CP --> Q2 --> P2
    CP --> Q3 --> P3

Accounts — what they hold with you

The Accounts panel lists every account this counterparty holds with your organisation. Loans, deposits, and the money you owe an intermediary all appear here.

An account appears because the counterparty holds an owning role on it — borrower, investor, holder. Your organisation decides which roles are owning ones. A role that only permits someone to act does not list the account. A signatory is the usual example.

The role has to be in force today. A role that starts next month does not list the account yet.

Each row links through to the account. Select New Account to open a new one for this counterparty.

Accounts held with someone else

When two or more parties hold an account, the row carries a Joint marker.

The marker matters, because a joint account is one account, not one per holder. It appears on each holder’s panel, and it is counted once.

Conveyanced Accounts and Dealer Accounts — accounts they act on

Two panels, one idea. This counterparty does not hold these accounts. They are named on somebody else’s account, in a part they play on it.

Each panel appears only when the counterparty carries the matching role. A counterparty who is not a conveyancer has no Conveyanced Accounts panel at all. See counterparty roles for how a role is granted.

Which products name a conveyancer or a dealer is part of your organisation’s product configuration.

Acting on an account is not holding one

These panels filter on the named part, and on nothing else. Holding an account never puts a row on them.

Alex and Sam hold a home loan together with Woodgrove Bank. Alex is also a conveyancer, so Alex’s viewer carries both panels.

Reading Alex’s Conveyanced Accounts panel to answer “what does Alex hold with us?” gives the wrong answer, confidently.

Where the money you owe them sits

Your organisation pays a conveyancer or a dealer through a disbursement account in their own name. It accumulates what you owe them, so one payout settles several advances at once.

That account is held by them. It appears on their Accounts panel, not on the panel of accounts they act on. Paying it out is covered in taking money out.

External Accounts — where they bank elsewhere

The External Accounts panel holds accounts at other institutions. You collect money from them, and you pay money to them.

The panel has two tabs, and the difference between them decides what a payment may do.

You state which one it is when you capture the account. The system never infers it from a name. A wrong guess would let a collection run against a stranger’s account.

Who a payment may be sent to is a separate rule, covered in approved beneficiaries.

Adding an account

1. Open the counterparty and select External Accounts.
2. Select Add External Account.
3. Choose the Account Type — the numbering format the account uses.
4. Fill in the account’s numbers. The form checks them against the format you chose.
5. Choose the Currency, and type a Description.
6. Choose the Relationship — their own account, or a beneficiary they pay.
7. Select Save.

Which numbering formats you may choose is configured by your organisation. Where only one is allowed, the Account Type field does not appear.

If you have no account number at all, you can still pay the customer. Select Pay by Proxy and capture a mobile number, an email address, or a customer identifier. See paying by proxy.

Closing an account

1. Select the Close icon on the account’s row.
2. Type a Reason.
3. Choose the Effective Date.
4. Select Save.

An account still named in one of your organisation’s payment routing rules cannot be closed. The message names the rules that still point at it. Clear them first — see choosing which account money moves through.

A closed account stays on the list with its status, so the trail behind old payments survives. Only an active account offers the Close action.

When a panel is missing or empty

If you are looking for a spouse’s or a subsidiary’s accounts, they belong to that counterparty, not this one. See counterparty relationships for how to get there.