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.
Costs document
After the invitation has been created, the response will yield a costs document. It transparently shows which fees needs to be paid by the investor and the issuer. The document is updated every time you update the invitation via the API.
You need to show this document to the investor before they make an investment. After the investment is made, the signed version of this document is available via the investment's signed documents endpoint.
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.
Self-disclosure
To protect investors, for some products, per default investors may only invest up to a total amount or € 1,000 (as a sum of all investments of that investor into the product). To invest more, investors need to make confirmations concerning their current salary and/or their net worth. If they provide sufficient confirmations a total investment amount of up to € 25,000 is possible. The following table shows the rules:
Salary (€) | Net worth (€) | Maximum total 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.
After the invitation has been created, the field required_self_disclosure in the response will tell you which self-disclosure confirmations need to be provided by the investor in order to be able to invest. Values can be one of the following:
Empty string: This means there is no self disclosure confirmation required. This is the case, if the check is not needed for the product or the total investment amount for the investor is still less than € 1,000.
MONTHLY_INCOME: The investor needs to confirm that their monthly income more than half the investment amount.
MONTHLY_INCOME,NET_WORTH_100K: The investor needs to make one of the two confirmations (or both).
You can send the confirmation values via the self_disclosure_monthly_income and the self_disclosure_net_worth_100kfield. If the values of these fields don't match the values that are required, an error response will be returned. You can then either update the investment amount or update the confirmation field values.
Knowledge and experiences
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.
While creating an investor you've created a survey object that represents the submitted questionnaire. Based on that and the information on the invitation, the API will now calculate and return if the investor has enough knowledge and experience in order to invest safely into the product. The result of the calculation is presented as the value of the required_survey_waiver field. Depending on the value of this field, you might need to show a waiver to your investors and provide the value via the survey_waiver field confirming that the investor has accepted the waiver's terms. There are three distinct scenarios here:
| Scenario | Required_survey_waiver field value | Action |
|---|---|---|
The investor has enough knowledge and experience in order to invest safely into the product. | Empty string | No action needed. |
The investor has not enough knowledge and experience in order to invest safely into the product. | UNSUITABLE | Show the unsuitable waiver to the investor and provide the value via the API. |
The investor didn't want to provide information. | NO_ANSWERS | Show the no answers waiver to the investor and provide the value via the API. |
You're contact at Cashlink will provide you with the exact survey waiver template text.
Process invitation into an investment
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.
Signed documents
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.
Cancellations
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 updated