Initiating wire transfers
If you want to invest money on behalf of your investors, you need to have money from your investors. Therefore, investors will need to move money from their own bank account into their new investment account at your custodian.
By far the simplest way to do that is a wire transfer. Fundamentally, all you need to do on the frontend is simply display the wire transfer details of your custodian bank. This would include the recipient’s (your Robo-advisor or investor) name, address, bank account number, and routing number (ABA, SWIFT, etc.) where applicable. That’s it. In the case of international transfers, this would expand with the receiving bank’s SWIFT BIC, IBAN format bank account number, and an international payments system routing code – all of which you would get from your custodian.
The tricky part is that the investor must now leave your Robo-advisor to make this wire transfer, which they may or may not ever do. Furthermore...
