At DriveWealth, we’re continuously working to expand financial accessibility and empower our partners with innovative solutions.
We are thrilled to announce the launch of Business Accounts, a significant addition to our account types that enables corporations and other business entities to manage their investments directly through DriveWealth APIs.
What are Business Accounts?
A business account is a brokerage account owned by a business entity, such as an LLC or corporation, to hold investments for the business entity. These accounts allow for authorized users to make investments specifically for the business entity and tailored for its investment needs. While a single entity owns the account, the business account structure accommodates multiple beneficial owners of the business entity, who are themselves natural persons.
Key Features and Benefits
Business Accounts bring several key features:
- Streamlined Onboarding: DriveWealth provides the necessary APIs to facilitate onboarding of business entities and can support two different integration pathways.
- DriveWealth Does KYB (DO_KYB): DriveWealth performs KYB checks on new entities (up to 1 week processing time). For KYB approval, DriveWealth requires successful completion of KYC for all directors of the entity, as well as verification of the entity itself.
- DriveWealth Relies on Partner (NO_KYB): DriveWealth relies on the partner’s KYB process, subject to KYB policy and procedure review.
- Flexible Management: Business accounts support various management types. For each account, partners can specify the type of account management directly in the API parameters.
- BUSINESS_SELF: The entity trades on its own behalf
- BUSINESS_RIA_MANAGED: An RIA or advisor manages the account
- BUSINESS_ADVISORY: The entity trades with support from an RIA
API-First Expansion
Partners can easily integrate and manage entities directly through our APIs.
Together, we’re continuing to move towards broader financial inclusion for investors around the world, working to enable all asset classes across a consistent, unified API stack.
To learn more about Business Accounts, please visit our developer site.
