Prior to receiving production credentials a partner must ensure they have completed the following steps:
- Passed compliance due diligence
- Passed integration and application review
- Have a signed carrying agreement
- Have gone through operational readiness review
- Have sent in clearing deposit
Prior to executing a clearing agreement for a new firm, DriveWealth conducts a review of each prospective partner. This includes financial, operational, credit, and reputational aspects of your business.
In many cases, DriveWealth can only sign a clearing agreement with a partner once they have been approved by a financial regulator to offer securities products in your region. Contact DriveWealth to learn more about this requirement specific to your use case.
DriveWealth will conduct a review of your integration and application, typically at least 2 weeks before an anticipated soft launch date. If you have wireframes or user stories ready before that point, feel free to communicate these with the Integrations team to help gather feedback sooner!
- In an integration review, different factors of the experience are validated such as the following:
- All required account opening questions have been asked
- All required DriveWealth disclaimers and disclosures have been displayed
- Customer can generate their official brokerage statements
- Correct account types are being generated in relation to the product being offered
- Market data is being used correctly
- Orders do not fail, and when they do appropriate language is provided
- Charting and other performance reporting is accurate
- Funding options are correct and operational
A more exhaustive list can be provided prior to the review.
Updated 8 months ago