Documentation has been updated showing how to create distributions from scratch (i.e. without any automatic calculations). If you use custom calculations to create distributions, this makes it easier than having to modify existing values. See specificially
recalculate_investor_payments under distributions.
Also see updates to investor payments for details on creating and destroying payments for
AML checks for investments are now optional and can be toggled on a per-investment basis. Please read this blog entry for more details.
Tech Services Agreements are now required to be signed before escrow will be opened for offerings. These may be signed by the issuer or the platform operator, depending on who is financially responsible for paying the fees charged directly by FundAmerica's system.
FundAmerica's accreditation confirmation API has been retired. Investors can still be accredited via VerifyInvestor automatically by setting
true when creating a new investment. FundAmerica does not allow for investors go through any sort of accreditation process without an investment being created. If you want to "pre-accredit" your investors, you'll need to integrate with another service such as VerifyInvestor and manage accreditation in your own system.
Non-US Entities are now available for virtually every country in the world.
Non-US Entities for a limited number of countries are now available system-wide.
Offerings has been updated with a number of new configuration options, previously only available via Invest Now. This includes options for allowing international investors.
Automatic counter-signing by issuers for Subscription Agreements has been removed entirely. Subscription agreements counter-signed when an investment is
Automatic counter-signing by issuers and automatic emails for Subscription Agreements can now be disabled.
Add new API endpoints for looking up Entity Relationships and related entities.
A new Investors API API has been added. It has new rules for handling IRAs and is the preferred way to handle joint accounts now. If you've been using the API for some time, this is well worth looking at.
Added new API for automating the AML exceptions process. If your portal is currently exchanging emails and phone calls with FundAmerica to resolve AML issues, you'll probably want to have a look at this.
Added new API for supplying FundAmerica with entity documents. This has been added in an effort to reduce the amount of manual communication necessary for accreditation and dealing with AML exceptions. Expect more tools related to this API in the coming weeks.
Added the Invest Now Developer's Guide with advanced options for integrating Invest Now into your existing portal.
#Investments have a new attribute,
confirm_accreditation that, if using FundAmerica's Investor Accreditation Confirmations, will keep investments from clearing until confirmation has occurred. This was managed manually by platforms in the past during the closing process.
Additionally, this makes it possible to create offerings using the InvestNow wizard and place investments using the #Investment API.
Investor suitability questionnaires have been deprecated in favor of a much simpler form. Please use Investor Customer Agreements.
status_updates have been added to Investor Accreditation Confirmations so that you can give investors some feedback on the process.
Investor Accreditation Confirmation service is now available.
Distributions are initially created with a
draft. They must be flagged as
ready before FundAmerica will expect funds for the distribution. This new status added to allow changes to individual payment amounts before sending funds.
Investor Payments can now be updated so long as the associated distribution has a
Payment Processing received a significant update. All the listed API calls are now available, including a few test_mode calls to update the status of distributions.
Additionally, major renaming occurred so the terms were more in line with securities:
Go get testing! These APIs should be ready for release in just a couple weeks.
state_formed_in has been renamed to
region_formed_in for Entities for the sake of consistency
state_formed_in is still available for backwards compatibility purposes but is deprecated.
New API calls have been added that allow Investor Suitability Questionaires to be embedded in your portal rather than requiring the use of a pass through form.
The State Securities and KYC Service has been renamed to Broker Dealer Services has also seen an updated in how the service is activated for an offering. Rather than indicating that it will be used in an Escrow Service Application, an issuer must sign a Selling Agreement.
kyc_by_client has been removed and replaced with
review_trade on Investments.
use_kyc_service has been removed from Escrow Service Applications.
use_kyc_service has been deprecated on Offerings and replaced with
kyc_status has been deprecated on Entities and replaced with
debt_face_value has been added to Investments. This is just an alias for
amount but it can be used to make code clearer.
Securities have been added. That're an integral part of Payment Processing. Additionally, Payment Processing has had some of its documentation updated. Be sure to check out the process flow as it includes securities now.
debt_maturity_date have been removed from investments. These fields are no longer necessary and are ignored. Don't throw out your old code though. These will be required if you plan on using the forthcoming payment processing APIs.
equity_share_price is now automatically calculated on investments and user-supplied values are ignored.
use_escrow_service has been deprecated on offerings. This is a confusing an unnecessary attribute. You should instead use either
accept_investments which has been available for some time or
escrow_status which is newly available.
Access to the Subscription Agreement Boilerplate is now available via the API.
Despite lifting the ACH transaction limit on the 16th of January, there was still documentation stating there was a limit. That has been removed. There is realistic limit on the size of an ACH investment.
denial_message to Escrow Service Applications.
Escrow Service Applications are now charged on acceptance and not on creation.
Please make sure you use the proper issuer (the company listed in your PPM) as the issuer for your offerings. Failure to do so will lead to denial of your Escrow Service Application.
amount_refunded to Investments.
wire_details have been added to investments and offerings resulting in the deprecation of
wire_details is a JSON hash rather than a string which should make it easier to format and display in a customized manner.
bank_wire_info for offerings and investments has been expanded to include beneficiary information. The amount of information wanted by various banks has varied quite a bit and to help reduce confusion, we've included more information for investors.
In many circumstances, providing a signed subscription agreement on an investment is no longer necessary. With that said, don't throw your old code out just yet! If you plan on integrating with our state securities service, we still need a subscription agreement. However, subscription agreements are only required before the offering is closed and funds are released.
We've made a large update to the way our test environment operates. Test keys are no longer to be used on the production environment and there is no longer a concept of "test" or "production" on apps.fundamerica.com. All test data has been migrated, including test API keys, to sandbox.fundamerica.com.
For the most part, the only change you need to make in your code is to point to sandbox.fundamerica.com instead of apps.fundamerica.com when operating with test data. Furthermore, the test_mode API calls are only available in the sandbox environment.
Please see Test vs Production for more details.
Added Entity Relationships.
cleared attribute to Background Checks.
released_at to Investment Payments.
Added API calls to access Investment Payments.
escrow_term_days is a new attribute allowed for offerings.
ACH can be more cleanly integrated into with Direct API Creation.
Investments now accept fractional values for
funds_refunded have been added to Offerings.
amount_in_escrow has been added to Investments.
ACH payments are now available in production! Additionally, there is no longer a $15,000 limit on transactions.
return_url for ACH authorizations will now return the parameter
New API calls have been added for tracking account billing. You can view items by account or a specific offering or specific investment.
The biggest change coming with this release is ACH Authorizations. This is a departure from how ACH investments were originally designed and if your development code is using ACH investments, it will need to get updated. ACH is set to go live sometime in the coming week, so if you want to be ready to use it, please check up the updated documentation.
If you're not using Webhooks in your current code, you should start! Support constantly receives questions asking, "How do I know when an investment receives funds?" or "How do I know when an Escrow service application is accepted?" or "How do I notify my investors when...?" The answer is always "Use webhooks." with the link provided above.
If you were a fairly early adopter of API, have a look at Special Request Options. If you're making regular use of index methods, this can make them a little more customizable. Additionally, expansion can help reduce the number of individual API calls required in some instances.