Standing Instructions for Payments

Standing instructions feature allows clients to utilize existing bank links to create standing payment instructions for faster money movement transactions:

• This feature is only available for taxable accounts (excluding QRPs & firm accounts)
• This feature is available for 1st and 3rd party bank links
• Once created, the Standing Instruction can only be used for one-time variable payments (same day or future-dated)

Endpoints

Get All Standing Instructions

Use a client's clientId to fetch all standing instructions that belong to that client.

Endpoint: GET /api/v2/standing-instructions/clients/{clientId}'

Get One Standing Instruction

Use a standingInstructionId to get the details of one specific standing instruction.

Endpoint: GET api/v2/standing-instructions/{id}

Create a Standing Instruction

Create a new standing instruction for a client.

Endpoint: POST /api/v2/standing-instructions

Standing Instructions With Checks

The feature supports 1st party checks, wherein money would be transferred from a client's GSAS account to a check sent to the client's address on file. For a 1st party check standing instruction, the API call would include transferType: "FIRST_PARTY_CHECK". The API call must use the memberAddress object and specify Home address (addressType: "H") or Mailing address (addressType: "M"). There is no option to enter a different address for the member.

The feature also supports 3rd party checks, wherein money would be transferred from a client's GSAS account to a check sent to a beneficiary (someone other than the client). For a 3rd party check standing instruction, the API call would include transferType: "THIRD_PARTY_CHECK". The API call must use the beneficiaryName field for the name of the check recipient and the targetCheck field for the address that the check should be sent to. There is also an optional memo field. 3rd party check standing instructions must also include the fields as described below in the 3rd Party Standing Instructions section.

3rd Party Standing Instructions

If the account where the money is coming from and the where the money is going to are not under the same primary account owner, then this is a 3rd Party money movement. In this case, a business purpose and beneficiary relationship must be provided.

Business Purpose (businessPurpose) field indicates the reason for the standing instruction. Options include Personal Loan Repayment, Tuition, Gift, Tax Payment, Vendor Payment, Trust Services, Bill Payment, Education Expenses, Trustee Payment, Trust Beneficiary Payment, Qualified Charitable Distribution, Escrow Payment, Property Non-Escrow, Luxury Transportation Plane/Auto/Boat, Luxury Collectible Art/Wine, Legal Fees, or Other. If Other is selected, the advisor has the option to provide additional notes as Business Purpose Commentary (businessPurposeCustom).

Beneficiary Relationship (relationship) field indicates the relationship between the Source Account Owner and the 3rd party. Options include Parent, Child, Relative, Spouse, Custodian, Trustee, Beneficiary, Charitable Organization, Dependent for Tax Purposes, or Other. If Other is selected, there is an optional to provide additional notes as Relationship commentary (relationshipCustom).

When advisors create Standing Instructions for their clients, it will be created in a "Not Verified" status. The client will then receive an Item for Attention (IFA) that they must approve. Once the client approves the IFA, the Standing Instruction will be moved to a "Verified" status and will be able to be used by the advisor.