Autopilot withdrawals

Task - Test Autopilot Redemptions

For Autopilot accounts, DriveWealth provides the ability to utilize both Individual withdrawals and Bulk withdrawals for all Partners. To be able to utilize Bulk Withdrawals, Partners must have the ability to custody customer funds or should work with an affiliate/3rd party to facilitate the same.

Autopilot Individual Withdrawals

Autopilot Individual withdrawals can be facilitated the same way as it works for self directed accounts. US based partners can utilize ACH or WIRE withdrawals while International Partners can utilize only WIRE redemptions as documented here.

Autopilot Full Redemption

DriveWealth provides the ability to perform full liquidation across the customer's entire portfolio. In order to liquidate all positions a customer holds, you'll be utilizing the Create Redemption endpoint. As part of the body, instead of passing in the amount key-value pair, you'll be passing in a boolean called liquidate. The payload will look as below:

{
    "accountNo": "{{acctnum}}",
    "liquidate": true,
    "currency": "USD",
    "type": "ACH",
    "details": {
      "beneficiaryName":"Joe Sudia",
      "beneficiaryAccountNumber":"7442393174",
      "beneficiaryAccountType":"Live Account",
      "beneficiaryRoutingNumber":"7442393174"
    },
    "note": "I need some funds pls kbye"
}

Autopilot Bulk Withdrawals

Autopilot Bulk withdrawals can be facilitated in a similar way as it works for self directed accounts. The mechanism for Bulk withdrawals is similar to the one documented here. However the endpoints required to facilitate Bulk Withdrawals for Autopilot accounts are different.

Process Flow:

1. To facilitate Bulk Withdrawals, the first step is to establish a HOUSE account. Please reach out to your DriveWealth Integrations Rep to have this setup.
2. When a customer creates a withdrawal request, The Partner will utilize our Create Redemption API to move the requested amount from the customer's account to the HOUSE account. The body of the request as depicted below, will include the partnerAccountNo which will be the HOUSE account instead of the Bank details.

{
    "accountNo": "LMSS000001",
    "amount": 200,
    "currency": "USD",
    "type": "CASH_TRANSFER",
    "details": {
      "partnerAccountNo": "LMXD000001"
    },
    "note": "I need some funds pls kbye"
}

3. Repeat step 2 for all such customer requests throughout the day.
4. On a periodic basis, the Partner will be utilizing our Create Redemption endpoint to Bulk withdraw the aggregated money out of the HOUSE account into their External Bank account.