Relationships

The Parties data model is architected to evolve over time as we incorporate a broader spectrum of legal entities and relationships. We have adopted a versatile API structure, which integrates a wrapper object with a 'type' attribute. This attribute specifies the context of the party type and its specific schema.

Parties can be associated with single or multiple other parties, reflecting a range of ownership models. We have adopted a composite data structure approach, where our APIs encapsulate and define these relationships and hierarchies among various parties and investment accounts. This approach allows us to accurately represent the complex nature of legal entities and their relationships with investment accounts in the financial world.

{
  "id": "6b4a811c-718d-46ab-849c-609000601fd3",
  "party_type": "individual" | "trust",
  "individual": {...},
  "trust": {...},
  ...
}

{
  "id": "6b4a811c-718d-46ab-849c-609000601fd3",
  "party_type": "individual" | "trust",
  "individual": {...},
  "trust": {
    "trustees": [
      {
       	"id": "23ad17c9-f235-461d-811a-09bedc8439a9",
        "party_type": "individual",
        "individual": {...}	
      }
    ],
    "grantors": [...],
    "beneficiaries": [...]
  },
  ...
}

Party-to-Party Relationships

Party-to-party relationships, particularly prevalent in complex legal entities, employ a well-defined ownership model. For instance, a trust party can incorporate one or more individuals serving as trustees, grantors, or beneficiaries. When an individual party is linked to a trust party, a relationship is established. This approach is designed to provide intuitive navigation through intricate relationship structures between parties. The data model effectively guides you, delineating the nuanced connections among various parties in an understandable manner.

{
  "id": "6b4a811c-718d-46ab-849c-609000601fd3",
  "party_type": "trust", 
  "trustees": [
    {
      "id": "23ad17c9-f235-461d-811a-09bedc8439a9",
      "party_type": "individual",
      "individual": {...}	
    }
  ],
  "grantors": [...],
  "beneficiaries": [...]
}

Traversing Party Relationships

Our previous discussions emphasized the explicit nature of relationships within complex legal entities. This is exemplified in the trust data model, where the grantor, trustees, and beneficiaries are distinct properties, creating clear and explicit relationships within the data model.

However, when it comes to discerning the relationships an individual party has with other parties, our data model introduces a relationship reference feature. This feature essentially allows you to identify which parties are associated with a particular individual party.

This relationship reference provides a more intuitive navigation through the hierarchy of relationships, allowing you to see the broader network of associations related to a specific party. Whether you're tracking connections upwards or downwards through the hierarchy, the relationship reference in our Party Data Model along with the explicit relationships are engineered to facilitate this navigation seamlessly.

{
  "id": "6b4a811c-718d-46ab-849c-609000601fd3",
  "party_type": "individual",
  "individual": {...},
  "trust": {...},
  "relationships": {
      "parent_parties": [
        {
          "relationship_id": "3fa85f64-5717-4562-b3fc-2c963f66afa6",
          "party_id": "3fa85f64-5717-4562-b3fc-2c963f66afa6",
          "metadata": {},
          "relationship_properties": {
            "relationship_percentage": 0.5,
            "relationship_role": "owner"
          },
          "related_party_id": "3fa85f64-5717-4562-b3fc-2c963f66afa6",
          "related_party": {
            "party_type": "trust",
            "party_id": "3fa85f64-5717-4562-b3fc-2c963f66afa6"
          }
        }
      ],
      "child_parties": [
        {
          "relationship_id": "3fa85f64-5717-4562-b3fc-2c963f66afa6",
          "party_id": "3fa85f64-5717-4562-b3fc-2c963f66afa6",
          "metadata": {},
          "relationship_properties": {
            "relationship_percentage": 1,
            "relationship_role": "owner"
          },
          "related_party_id": "3fa85f64-5717-4562-b3fc-2c963f66afa6",
          "related_party": {
            "party_type": "individual",
            "party_id": "3fa85f64-5717-4562-b3fc-2c963f66afa6"
          }
        }
      ]
    },
  ...
}