Transactions

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Integrating through Apex AscendOS?
The product guidance on this page applies to you. The endpoints, fields and statuses are Monark's; use the AscendOS equivalents listed in Building on Apex AscendOS.

A transaction is an investor's order — a subscription to an SPV, or a subscription, redemption or transfer in a registered fund. Its status is what your platform branches on.

The status set

Status	Description	Next
`Initiated`	The transaction record exists but has not been opened for actions. Registered funds and drawdowns only.	`Pending`
`Pending`	Actions remain outstanding. The investor can still edit or withdraw, and editing does not reset actions already completed. Reserves no allocation and no seat.	`Processing`, `PendingCancellation`, `Canceled`
`Processing`	Every action is complete and the subscription agreement carries the investor's signature. The commitment is binding, capacity is consumed, and the money is expected.	`Settled`, `Complete`, `PendingCancellation`, `Canceled`
`Settled`	Monark has confirmed cash for the transaction settled with an external account. Used only where Monark manages treasury at the transaction level.	`Complete`, `PendingCancellation`, `Canceled`
`Complete`	The issuer has received cash and finalised the transaction, including countersigning the subscription agreement. The investor holds a position.	—
`PendingCancellation`	Cancellation is under way and waiting on cash movement to be confirmed. Registered funds and drawdowns only.	`Canceled`
`Canceled`	Cancelled — by investor action, insufficient funds, incomplete documentation, or issuer rejection.	—
`Failed`	A catch-all failure, including a failure during signing. The investor receives neither shares nor cash; release any funds you reserved.	—

Note the spelling: Canceled, with one l.

Which statuses an SPV subscription reaches

Important: A Pre-IPO SPV subscription reaches exactly six of these eight. Initiated and PendingCancellation are produced only for registered-fund and drawdown transactions.

The reachable set for an SPV is Pending, Processing, Settled, Complete, Canceled, Failed. Writing handling for the other two on an SPV integration is code that will never run.

Pending reserves nothing

A Pending transaction consumes no allocation and no seat. Capacity is taken at Processing.

Two consequences:

Two investors can both hold pending orders that together exceed what remains in the raise.
The signing step that promotes a transaction re-validates everything — the SPV's stage, the investor's status, the amount against the remaining allocation, and the seats remaining. A subscription accepted at creation can therefore still fail on its way to Processing, landing in Failed.

Handle the late failure, not only the immediate one. The cash your platform reserved has to be released either way.

The webhook uses a different vocabulary

Important: The SubscriptionStatus webhook reports the v1 subscription status, not the v2 transaction status. One value is renamed between them, and two have no representation at all.

`GET /primary/v2/transaction` returns	The `SubscriptionStatus` webhook sends
`Pending`	`Pending`
`Processing`	`Processing`
`Settled`	`Settled`
`Complete`	`Complete`
`Canceled`	`Rejected`
`Failed`	`Failed`
`Initiated`	not represented
`PendingCancellation`	not represented

A platform that switches on Canceled when handling webhooks will never match a cancellation, because the webhook calls it Rejected. Either handle both vocabularies, or normalise at your webhook boundary and work in one of them internally.

What moves a transaction

Transition	What causes it
→ `Pending`	`POST /primary/v2/transaction`
`Pending` → `Processing`	The last outstanding action is completed, and Monark signs the subscription with the fund administrator
`Pending` → `Canceled`	`POST /primary/v2/transaction/{id}/reject`, which a partner may call only while `Pending`
`Processing` → `Settled`	Monark confirms cash settlement. Not partner-callable
`Processing`/`Settled` → `Complete`	The SPV closes. Every subscription on it is completed in bulk, and countersigned documents are uploaded
→ `Failed`	The signing workflow fails, including a fund administrator failure

There is no partner-callable way to settle or complete a transaction.

Next steps

What makes a subscription binding: Transaction Actions
The stages of the vehicle itself: SPV Status Transitions
Handling these changes without polling: Webhooks