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Bulk Funding

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Bulk Funding enables Partners to consolidate multiple customer deposits and withdrawals into a single transfer to DriveWealth. This approach streamlines fund management, reduces transfer costs, and minimizes transaction failures.


✅

Is bulk right for your company?

Bulk Funding is ideal if your organization or a third-party provider (e.g., a Banking-as-a-Service platform) can aggregate multiple customer transactions into a single transfer. If you have the capability to custody and transfer customer funds, Bulk Funding is likely the optimal solution.

❗️

Travel Rule Compliance

For accounts utilizing Bulk Funding, DriveWealth requires Travel Rule information for every deposit and withdrawal request.

Requirement: Include Travel Rule details in each transaction request.
Purpose: Ensure compliance with regulatory standards for fund transfers

To learn more about this see: Travel Rule

Depositing

To initiate a bulk deposit, create a Deposit Request for each customer account, specify the deposit details.

POST /back-office/funding/deposits

{
  "accountNo": "DWBG000052",
  "amount": 100.00,
  "currency": "USD",
  "type": "BULK_FUNDING",
  "bankAccountID": "bank_a4656e60-321e-425b-aa0d-a2e75c38885f",
  "settlementProfileID": "settlement-profile-1"  //optional
}

Use this API throughout the day to process additional customer deposits.

⚡Instant Trading

DriveWealth allows customers to trade on funds that are in transit, known as Instant Trading. This feature is available under the following conditions:

Account Type: Margin accounts with 1:1 leverage.
Reason: Cash accounts are subject to Good Faith Violations (GFVs) if assets are sold before funds settle.

Example: After initiating a $200 BULK_FUNDING deposit, the account's available cash for trading will reflect the deposit, even though the funds haven't settled.

GET /back-office/accounts/{accountID}/summary/money
{
  "accountID": "cc07f91b-7ee1...",
  "accountNo": "DWBG000052",
  "tradingType": "MARGIN",
  "updated": "2022-12-25T18:41:32.440Z",
  "cash": {
    "cashAvailableForTrade": 200.0,
    "cashAvailableForWithdrawal": 0,
    "cashBalance": 0,
    "noBuyingPowerReason": [],
    "cashSettlement": [],
    "pendingPaymentsAmount": 200.0
  },
  "payments": {
    "buyingPower": {
      "pendingDepositsAmountAvailable": 200.0,
      "pendingDepositsAmountNotAvailable": 0
    },
    "redemptions": {
      "amountWithheldFromRedemptions": 0
    }
  }
}

Withdrawing

To process bulk withdrawals, create a Withdrawal Request for each customer account, specify the withdrawal details.

POST /back-office/funding/redemptions
{
  "accountNo": "DWBG000052",
  "amount": 100.00,
  "currency": "USD",
  "type": "BULK_FUNDING",
  "bankAccountID": "bank_a4656e60-321e-425b-aa0d-a2e75c38885f",
  "settlementProfileID": "settlement-profile-1"  //optional
}

Use this API throughout the day to process additional customer withdrawals.

NOTE: Managed accounts will follow a similar waiting period as described under Advisor Withdrawal Flow Cycle

Settlements

Under this settlement method, deposits and withdrawals from multiple customer accounts are aggregated at the organization level. These transactions are then netted to calculate a single daily settlement amount.

🚧

NOTE: Your firm may be using only the bulk deposit or bulk withdrawal side of the settlement process; however, this settlement method applies in either case.

If only the deposit component is used, DriveWealth will aggregate all deposits and generate the settlement report. Your firm will be responsible for remitting the total settlement amount to DriveWealth on a T+1 basis.

If only the withdrawal component is used, DriveWealth will aggregate all withdrawals and generate the report. DriveWealth will then remit the total settlement amount to your firm on a T+1 basis.

Retrieving Settlement Reports

You can retrieve a list of all settlements over a given period by using the Retrieve Settlements API

{
  "pageSize": 1,
  "limit": 50,
  "settlements": [
    {
      "id": "sett_63ccb073-a7b6-4b33-af77-5baec5cc4494_20221224",
      "settlementDate": "2022-12-25",
      "partnerID": "80f9b672-120d-4b73-9cc9-42fb3262c4b9",
      "status": "APPROVED",
      "totalAmount": -14250,
      "createdAt": "2022-12-11T22:28:21.810Z",
      "updatedAt": "2022-12-11T22:28:21.810Z"
    },
   {
      "id": "sett_63ccb073-a7b6-4b33-af77-5baec5cc4494_20221225",
      "settlementDate": "2022-12-26",
      "partnerID": "80f9b672-120d-4b73-9cc9-42fb3262c4b9",
      "status": "PENDING",
      "totalAmount": -250,
      "createdAt": "2022-12-12T22:28:21.810Z",
      "updatedAt": "2022-12-12T22:28:21.810Z"
    }
  ]
}

Further, you can drill down into a particular settlement by using the Retrieve Settlement by ID API and passing in the settlement idfrom the previous API response.

{
  "id": "sett_63ccb073-a7b6-4b33-af77-5baec5cc4494",
  "settlementDate": "2022-12-25",
  "status": "APPROVED",
  "statusComment": "Finished processing breakdown",
  "amount": {
    "total": 5000.45,
    "credits": 6000.45,
    "debits": -1000
  },
  "breakdownReport": "https://du2c4wzqz90h1.cloudfront.net/singleSettlementReport....",
  "partnerID": "80f9b672-120d-4b73-9ccv9-42fb3262c4b9",
  "updatedBy": "SYSTEM",
  "createdAt": "2022-12-11T22:28:21.810Z",
  "updatedAt": "2022-12-11T22:28:21.810Z"
}

The breakdownReport will provide ALL the underlying deposits & withdrawals in the client accounts.

{
  "id": "sett_90fc14cc-cf3f-448b-ab43-7a9411683d11_20250502",
  "summary": {
    "totalAmount": 1118.23,
    "credits": 2132.82,
    "debits": -1014.59,
    "ancillary": {
      "depositAmounts": 2133.5,
      "withdrawalAmounts": -1015.27
    }
  },
  "breakdown": [
    {
      "accountID": "65a43a7a-b31c-4d97-9663-494fdb0079e9.1715933938944",
      "accountNo": "GTNZ000019",
      "userID": "65a43a7a-b31c-4d97-9663-494fdb0079e9",
      "amount": 0.85,
      "transactions": [
        {
          "amount": 0.17,
          "type": "CREDIT",
          "category": "DEPOSIT",
          "finTranID": null,
          "details": {
            "orderID": null,
            "orderNo": null,
            "depositID": "GTNZ000019-1746095683497-DU6ZK",
            "withdrawalID": null,
            "originatingFinTranID": null
          },
          "created": "2025-05-01T10:34:43.497Z"
        },
        {
          "amount": 0.17,
          "type": "CREDIT",
          "category": "DEPOSIT",
          "finTranID": null,
          "details": {
            "orderID": null,
            "orderNo": null,
            "depositID": "GTNZ000019-1746095701894-DVBEF",
            "withdrawalID": null,
            "originatingFinTranID": null
          },
          "created": "2025-05-01T10:35:01.894Z"
        },
        {
          "amount": 0.17,
          "type": "CREDIT",
          "category": "DEPOSIT",
          "finTranID": null,
          "details": {
            "orderID": null,
            "orderNo": null,
            "depositID": "GTNZ000019-1746097323033-DMBNS",
            "withdrawalID": null,
            "originatingFinTranID": null
          },
          "created": "2025-05-01T11:02:03.033Z"
        },.....
        }
    ]
}
}
}

Settlement Statuses, Timelines & Events

  1. DriveWealth system starts aggregating deposits and withdrawals under a partner environment starting at 8PM ET. As soon as we start the computing process, a settlement object is created with the status PENDING.
    This generates a settlements.created event as documented here: Settlements Created Event with status PENDING.
  2. All deposits and withdrawals are aggregated over a 24 hr period (from 8 PM ET to 8 PM ET), following which we compute and publish the breakdownReportwhich can retrieved from the settlement object. The status of the report moves to an APPROVEDstatus, also generating a settlements.updatedevent with the APPROVEDstatus as documented here: Settlements Updated Event. The settlements amounts are finalized at this point and are due for settlement.
    Settlement Direction:
    If credits > debits, ie, total> 0, the organization owes DriveWealth the net amount.
    If credits < debits, ie, total < 0 DriveWealth owes the organization the net amount.
  3. Once settlement wires are received(latest by 1:30 PM ET) or remitted by DriveWealth(latest by 12 noon ET) , the settlement is deemed completed and the status of the settlement object is moved to SUCCESSFUL, which also further generates a settlements.completed event with the SUCCESSFULstatus as documented here: Settlements Completed Event. This further creates terminal Deposit(CSR) and withdrawal(CSD) transactions on the customer accounts

🇺🇸

Market/Bank holiday schedule

Settlements are only processed when U.S. banks are open

On market holidays and weekends, deposits and withdrawals made from 8 PM ET on the day before the holiday through the non-business days are aggregated and settled on the next business day.
For example, if markets are closed for Memorial Day (the last Monday of May), all transactions from Thursday 8 PM ET through Monday 8 PM ET are combined. The settlement report is generated end-of-day Monday for settlement on Tuesday morning.

Double settlement day - When U.S. banks are closed but markets remain open, you'll receive daily settlement reports as usual, but the actual settlements are deferred.
For instance, if Veterans Day falls on a Tuesday, you'll get reports for both Monday and Tuesday. However, since Tuesday is a bank holiday, settlements for both days will occur on Wednesday.

Bulk Settlement Profiles

DriveWealth allows Partners using Bulk Funding to segment customer deposits and withdrawals into distinct settlement profiles based on factors such as lines of business (LOBs), banking relationships, and regions. Each profile receives a unique settlementID, separate settlement numbers, and DriveWealth generates a dedicated set of events for each profile.

Default Profile: If only one settlement preference is configured, the default profile is used automatically. This applies to most Partners.
Custom Profiles: Partners with multiple regions or business units can request additional settlementProfileIDs to manage settlements independently.
❗Contact DriveWealth Support to set up custom settlement profiles as needed.

When making deposit requests, ensure you pass the appropriate settlementProfileID 

{
  "accountNo": "SPFY0000052",
  "amount": 250.25,
  "currency": "USD",
  "type": "BULK_FUNDING",
  "bankAccountID": "bank_a4656e60-321e-425b-aa0d-a2e75c38885f",
  "settlementProfileID": "spendify-mexico"
  ...
}

When making withdrawal requests, ensure you pass the appropriate settlementProfileID 

{
  "accountNo": "SPFY000053",
  "amount": 100.25,
  "currency": "USD",
  "type": "BULK_FUNDING",
  "bankAccountID": "bank_a4656e60-321e-425b-aa0d-a2e75c38885f",
  "settlementProfileID": "spendify-india"
  ...
}

If using Settlement profiles, Settlement reports will include settlementProfileID for each individual settlement profile.

[
  {
    "id": "DP_cb3321ec-93cc-4b41-b641-0b0c2d44918a_20230816",
    "date": "2023-08-16",
    "partnerID": "80f9b672-120d-4b73-9cc9-42fb3262c4b9",
    "status": "APPROVED",
    "statusComment": "Finished processing breakdown",
    "totalAmount": -14250,
    "created": "2023-08-16T22:28:21.810Z",
    "updated": "2023-08-16T22:28:21.810Z",
    "updatedBy": "SYSTEM",
    "category": "DEPOSIT",
    "settlementProfileID": "spendify-mexico"
  },
  {
    "id": "DP_cc472507-6aee-4b47-95a8-3b00114042fe_20230816",
    "date": "2023-08-16",
    "partnerID": "80f9b672-120d-4b73-9cc9-42fb3262c4b9",
    "status": "APPROVED",
    "statusComment": "Finished processing breakdown",
    "totalAmount": 2000.10,
    "created": "2023-08-16T22:28:21.810Z",
    "updated": "2023-08-16T22:28:21.810Z",
    "updatedBy": "SYSTEM",
    "category": "WITHDRAWAL",
    "settlementProfileID": "spendify-mexico"
  },
  {
    "id": "SM_0f84b177-5f94-4271-9e26-500500159065_20230816",
    "date": "2023-08-16",
    "partnerID": "80f9b672-120d-4b73-9cc9-42fb3262c4b9",
    "status": "APPROVED",
    "statusComment": "Finished processing breakdown",
    "totalAmount": 100,
    "created": "2023-08-16T22:28:21.810Z",
    "updated": "2023-08-16T22:28:21.810Z",
    "updatedBy": "SYSTEM",
    "category": "WITHDRAWAL",
    "settlementProfileID": "spendify-india"
  },
  {
    "id": "SM_d19c7418-67ea-4dc7-9453-2cf09f9efe6b_20230816",
    "date": "2023-08-16",
    "partnerID": "80f9b672-120d-4b73-9cc9-42fb3262c4b9",
    "status": "APPROVED",
    "statusComment": "Finished processing breakdown",
    "totalAmount": -1000,
    "created": "2023-08-16T22:28:21.810Z",
    "updated": "2023-08-16T22:28:21.810Z",
    "updatedBy": "SYSTEM",
    "category": "DEPOSIT",
    "settlementProfileID": "spendify-india"
  }
]

Updated 21 days ago