Create a Third Party

Transactions in Fairways Debt may involve third parties, which can be associated to an organization but are not considered as an entity. In particular:

  • Third parties cannot be taken into account for consolidation purposes.
  • The transactions they are involved in are not automatically included in portfolio computations.

Note: Only administrators can manage third parties. Account administrators can manage global and local third parties at account and organization levels, whereas organization administrators can only manage local third parties at the organization level.

 

Navigate to the Account Administration
  1. Log in to your Fairways Debt account, e.g. https://login.financeactive.com/eu.
  2. Select a customer account.
  3. Click Applications > Account Administration.

 

Create a Third Party
  1. Navigate to Administration:
    • Organization Settings to create a local third party.
    • Third Parties to create a global third party.

AccountAdministration_Administration_EN.png

  1. Click:
    1. Add Local Third Party to create a local third party.
    2. Add Third Party to create a global third party.

ThirdParty_Local_EN.png

ThirdParty_Global_EN.png

  1. Complete the form with all relevant details.

Note: Fields marked with an asterisk * are mandatory.

Field Description
Name Third party name.
Code

Unique code to identify the third party, useful for mapping purposes with external systems.

Notes:

  • The code is not editable.
  • The code can contain 20 characters at most.
Role

Role(s) the third party has in the platform:

  • Party
  • Counterparty

Note: Local third parties are assigned the Counterparty role by default, this field is therefore hidden in the creation form. You can still edit that role in the third party profile.

Third Party Group

You can include that third party into a third party group for reporting purposes.

Notes:

  • Any created third party can become a third party group.
  • The group of a third party is given after the name of the third party selected in the Third Party Group field.
  1. Click Apply to create the third party.

ThirdParty_Create_EN.png

The new third party displays. In this example, the Gaia third party belongs to the group of the Elysion third party.

  1. Click Enable to make the third party usable in Fairways Debt.

ThirdParty_Created_EN.png

Both local and global third parties display in the Third Parties list.

AccountAdministration_ThirdParty_EN.png

 

Related Documentation
Was this article helpful?
1 out of 1 found this helpful