Status Number vs. Status Enum
"Status Number" should be referenced when retrieving (aka
GET) all redemption requests and "Status Enum" should only be used when updating (aka
PATCH) a redemption request.
Every new redemption for a self-directed account is set to "Pending". From here, the redemption can be marked as "Rejected", "On Hold" or "Approved".
After a redemption is marked "Approved", the next step is "Successful". This is used statuses are used when
If a redemption is marked as "RIA Rejected" or "Rejected", the redemption will immediately be set to "Failed".
Every new redemption for a managed account is set to "RIA Pending". It is the RIA's responsibility to review and arrange the appropriate liquidation events to facilitate the redemption request. Note that clients will not be able to request more funds than their total portfolio value.
Once the funds have settled, the RIA should update the status to "RIA Approved". Once updated, it's status will be set to "Pending" and DriveWealth will process the redemption.
The "RIA Rejected" status should be used when an RIA wants to reject a redemption request. Once updated to "RIA Rejected", the redemption will immediately be set to "Failed".
Once marked as "Approved", the redemption will be processed for disbursements.
Updating a redemption to "Rejected" will immediately set it 's status to "Failed"
The "On Hold" status is reserved for redemptions that aren't ready to be processed. E.g. Funds are still settling.
Reserved for errors.