- RESTful API
- Automated Transaction engine for new or existing funding platforms
- Allows sponsor to tailor it’s user experience
- Know Your Customer (KYC) Checks
- Anti Money Laundering (AML) Checks
- Accredited Investor Verification
- Accepts ACH Transfer, Check, or Wire Transfer
- Send Documents for Electronic Signature
- Download Offering Documents
- Secure Storage of Personal & Confidential Information
TransactAPI is a transactional technology platform that enables broker-dealers, funding platforms, and issuers to conduct online private securities offerings. Our standards-based API toolkit can be quickly and easily integrated with proprietary platforms, saving development time and money. Issuers, intermediaries, and advisors can benefit from TAPI’s straight through processing of private placement transactions, which enables higher transaction volumes, expands access to investors, and reduces processing times.
Frequently Asked Questions
How many questions does the user have to answer correctly in order to automatically pass the KYC check?
The user must answer three of the five generated questions correctly in order to automatically pass KYC.
Is there a maximum number of times that I can run KYC/AML checks on the same Party?
Yes. You may only run KYC/AML checks on the same party three times within a 24 hour period.
How can I test KYC/AML in the sandbox or live environment?
To test KYC/AML in the live environment, please contact email@example.com for further instructions.
Does TransactAPI support wire transfers?
TransactAPI accepts wire transfers as a payment method and can generate wire instructions for the investor to wire the funds to escrow offline.
Is there a maximum dollar amount for an ACH tranfer?
Yes. The maximum dollar amount that can be debited is $100,000.00.
Why is a check number required for External Fund Move?
The checknumber field is a required by our third-party provider to process an ACH Transfer. We ask that you populate this field with the Trade ID so that you can track the Status of the ACH within the TransactAPI Admin Panel.
What happens if an ACH fails?
If an ACH transfer fails, the external account will need to be updated and the externalFundMove will need to be initiated again. Fees are charged to the client for each failed ACH transfer in the production environment.
Who is approving the accredited statuses?
As a registered broker dealer, North Capital Private Securities is an authorized third party to approve accreditation statuses. A Registered Principal of NCPS reviews each request and when approved, provides a response via API with an approval status along with a letter from NCPS approving the investor’s accreditation status.
How much does accreditation verification cost?
NCPS charges $25 per check.
Parties and Accounts
What is the difference between a Party and an Account?
A Party represents an individual person or entity. The Account represents the account that the investment is going to be made out of. A Party can be linked to multiple accounts from which investments can be made out of.
What is the difference between an Account and an External Account?
An Account represents the account within TransactAPI that the investment is going to be made out of. The account will have at least one linked party associated with it. An external account is a bank account that is linked to the TransactAPI Account from which ACH transfers can be initiated from.
What is the purpose of having a Primary Party linked to an Account?
The primary party is the authorized signer for the account. This party will be sent the subscription documents for signature for the investment.
Which methods will be billed back to me as third party pass-through fees if I use them?
The following methods are charged back to the client as third party pass-through fees when used in the production environment:
performAML – $0.47 each time the method is invoked
performKycAml – $0.47 each time the method is invoked
externalFundMove – 0.10% of the amount of the ACH transfer.
What is the purpose of the calculateSuitability method?
Calculate suitability is an optional method that is mostly used by Broker Dealers who are required to run a suitability check on all their investors before allowing them to invest in an offering.
Which methods can be done within the TransactAPI Admin Panel without having to integrate the API?
The following processes can be performed through the TransactAPI Admin Panel without having to integrate the API:
- Create, Update, and Delete an Offering
- Create, Update, and Delete an Issuer
- Create, Update, and Delete an Account
- Create, Update, and Delete a Party
- Create, Update, and Delete a Link
- Add and Delete Documents
What is the purpose of adding an Issuer Account?
The Issuer Account is used to track the movement of funds. It is not a physical account and is used exclusively as a tracking mechanism.
Am I charged any third party pass-through fees for using any methods while I am using the sandbox environment?
No. Third party pass-through fees will only be charged for certain methods when they are used in the production environment.