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Frequently Asked Questions - Class API updates

  1. Q: Why is there no cost listed on the Addendum

A: The fee is currently $2 per fund (under 500 funds) and $10 per fund over 500 funds - this is what we will issue an invoice based on.

The reason the addendum is open ended is because we are not sure if class will increase the fee in the future. If class choose to increase the fee, we will be required to pass that on.

  1. Q: How is the fee API calculated?

A: Ultimately, this is up to Class and we have no control over how they do it or they will change the method that they apply in the future.

Currently, we understand that they are charging based on fund and financial year i.e. if you import the TB for one fund for 5 different years, or for 5 funds for the same FY, you will pay 5 x the fee.

If you reimport the same FY for a fund during a particular FY then you do not pay again, but we think that if you do this either side of 30 June then you will probably be charged twice - apologies for the confusion but Class has not provided details of their billing algorithm.

  1. Q: When does the API fee jump from $2 to $10? Does it reset at the end of the FY?

A: Again, this is up to Class and we have no control over how they do it or they will change it in the future.

Currently, we understand that:

  • if Class determines that you made >500 calls in the previous FY i.e. FY21, then they will flag you as a "heavy user" and will charge you $10 for every call
  • if you are not a "heavy user" and you make 500+ billable API calls in the current FY then the fee will jump to $10 and you will be flagged as a "heavy user"
  • once flagged as a "heavy user" you will always pay $10 per call from then on i.e. you never "reset" back down to $2
  1. Q: Is the file import slower than using the API?

A: If you are just importing the TB then it takes about a minute longer BUT if you are also importing the reports the process is actually quicker that doing the TB and report imports separately.

Our support team is happy to step you and/or your clients through doing this (The clients have a one-off setup task that takes a few clicks in Class and then works for all funds in the future).

 

  1. Q: Do you have written communication from Class regarding the API charges?.

A: We don't unfortunately. We have an API agreement but its terms prevent us from sharing it with other parties. If you are unsure about the charges perhaps you can ask to speak to your Account Manager at Class.

 

  1. Q: Will you be invoiced each year upfront?

A: We are still trying to get Class to remove this fee but if we cannot then yes, we will bill this each financial year

 

  1. Q: Do you need to notify us if you remove or add any funds

A: No. We understand that the number of funds is an estimate and we will be monitoring usage on a monthly basis.

 

  1. Q: will we be reimbursed or invoiced throughout the year for changes made to the amount of funds we require a connection for.

A: We will contact you if you approach or go over the limit in a month and yes, you would be invoiced for any overrun. We can offset any unused calls against what you need for the next financial year.

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