Invitations
Invitations can only be used if you are using the Investment Platform API offering.
The invitation object represents an online investment process in the API. You can create invitations for investors to invest into a product and add data to it while the investor is adding data within the online investment process. After all needed data is present in the invitation, it can be processed into an investment.
In order to initially create an invitation you need the following data
- The ID of the campaign the invitation is created for
- The ID of the investor
- The amount of units the investor wants to invest
As of now, creating and editing products and campaigns via the API is not supported. Campaigns can be created via the Cashlink Studio. The product configuration will be set up via the Cashlink support.
After the invitation has been created, the response will yield a costs document that need to be displayed to your investors before completing the investment. It transparently shows which fees needs to be paid by the investor and the issuer.
The costs documents is not directly created in a synchronous way. If the response doesn't contain the document, you need to fetch the resource again until the document has been created and is included in the response.
After the invitation has been created, the response will tell you which self-disclosure questions need to be provided by the investor in order to be able to invest (if applicable).
Depending on the product setup, investors may need to answer questions about the current salary and/or their net worth. Depending on the values set, investors can invest up to a certain amount. If not sufficient an error will be returned to the client.
Salary (€) | Net worth (€) | Maximum investment amount (€) |
n/a | n/a | 1,000 |
n/a | >10,000 | 10,000 |
S | n/a | 2 x S (max. 25,000) |
S | >10,000 | Max. of 2 x S (max. 25,000), 10,000 |
This checks are designed to work according to §2a VermAnlG sec. (3) as well as §6 WpPG.
In order for investors to make an investment a check of the knowledge and experiences of the investor is mandatory. This is intended to protect investors from making uninformed investment decisions that can result in a loss of a substantial amount of their capital. This requirement is set up in relation to § 63 sec. (5) WpHG.
Investors must therefore answer a questionnaire about their knowledge and experience with investing. Via the API you deliver answers of the investor using a key for the question and the answer for each question. The process then will be as follows:
Show the questions to the investors in your frontend where they provide answers. There are predefined questions and answers for these questions.
Patch the invitation with the data in the survey array. If the investor decides to not provide any information, submit an empty array. Don't forget to also provide the date and time when the survey has been submitted.
The questionnaire contains three groups of questions:
The questions and answers have the following keys:
Key |
investmentexperience_investment_fund |
investmentexperience_money_market_funds |
investmentexperience_bond |
investmentexperience_share |
investmentexperience_participation_right |
investmentexperience_participation_paper |
investmentexperience_operative_participation_in_a_limited_partnership |
investmentexperience_contract_for_difference |
investmentexperience_crypto_currency |
investmentexperience_unsecured_junior_debt |
investmentexperience_certificate |
investmentexperience_warrants |
investmentexperience_alternative_investment_fund |
Valid answers for all of these questions are the following:
Key |
no_answer |
zero_to_three_years |
three_to_five_years |
greater_than_five_years |
In addition to the experience you also have to ask the investor about the knowledge they have with the different investment types. The following keys can be used for this:
Key |
investmentknowledge_investment_fund |
investmentknowledge_money_market_funds |
investmentknowledge_bond |
investmentknowledge_share |
investmentknowledge_participation_right |
investmentknowledge_participation_paper |
investmentknowledge_operative_participation_in_a_limited_partnership |
investmentknowledge_contract_for_difference |
investmentknowledge_crypto_currency |
investmentknowledge_unsecured_junior_debt |
investmentknowledge_certificate |
investmentknowledge_warrants |
investmentknowledge_alternative_investment_fund |
Valid keys for the answers are the following:
Key |
no_answer |
no_knowledge |
knowledge |
It's mandatory to add the following keys to the questionnaire:
Key |
serviceexperience_independent |
serviceexperience_investment_consultancy |
serviceexperience_investment_management |
Valid answers for this group are the following:
Key |
no_answer |
no_knowledge_or_experience |
zero_to_three_years |
three_to_five_years |
greater_than_five_years |
It's also mandatory to ask the following two questions about the past investments of the investor.
The first question has the key avgyearlytransactions. Valid answers for this question are the following:
Key |
no_answer |
no_trans |
lower_5_trans |
lower_10_trans |
more_than_10_trans |
The second question has the key avgtransactionvalue. Valid answers for this question are the following:
Key |
no_answer |
lower_3000 |
between_3000_and_5000 |
between_5000_and_10000 |
over_10000 |
You may not need to show all questions to your investors. The precise set of questions you need to ask is set during the platform onboarding.
The API will now calculate and return if the investor has enough knowledge and experience in order to invest safely into the product. Depending on the response, you need to show a waiver to your investors and provide flags via the API that you've shown them to the investors. There are three distinct scenarios here:
- The investor has enough knowledge and experience in order to invest safely into the product. No waiver is required. In the case the required survey waiver field will be empty and you don't need to provide any more data.
- The investor has not enough knowledge and experience in order to invest safely into the product. The unsuitability waiver flag is required.
- The investor didn't want to provide information and you provided an empty array. In this case the no answers waiver flag is required.
If all needed data has been set for the self-disclosure and knowledge and experiences, the invitation can be used to create an investment by providing the following data:
- ID of the invitation
- Date and time when the investor has signed the investment contract
Investments involve documents that legally describe the investment contract with the issuer (such as a subscription form). Make sure that your investors are displayed these investment documents before completing the online investment process and that they accept each document using a checkbox, for example.
The set of documents is defined during the product setup.
When you process an invitation into an investment, the API creates copies of the investment documents and adds investor and investment specific data including a digital fingerprint and signature of the investor that proves that the investor has seen and accepted the document. You can access the signed documents via the API's signed documents endpoint at any time.
The documents can only be generated after the KYC/AML process for the investor is finished. If you've created an investment for an investor where the KYC/AML process is still pending, the documents are not yet available after you created the investment.
Invitations can be cancelled at any time if the invitation has not yet been used to create an investment. A cancellation can be initiated via the invitation cancellation endpoints by providing a cancellation date. After the invitation has been canceled it receives the status ABORTED.
Last modified 5mo ago