Datafeed Overview and Navigation

Datafeeds represent an efficient way to import portfolio transactions from a third-party. Incoming data is processed and matched against clients, automatically updating their current portfolio holdings. 

Types of Datafeed

System Datafeeds are automated Datafeeds processed by IRESSnet and are the most common type of Datafeed. System Datafeeds have largely replaced user Datafeeds.

• System Datafeeds: The Datafeed stream passes through the IRESS Trusted Network (ITN), where IRESS manages the retrieval and default processing of Datafeed data. This produces a ‘clean feed’ for XPLAN users.
  
  
  • Key features of System Datafeeds include:
    • Automated data feed setup
      
    • Simple processing options
      
    • Error handling and reporting
      
    • The ability to refresh client data
      
      
  • System Datafeeds improve data quality by allowing IRESS to identify and rectify data and format issues with providers before making data available in XPLAN.
    
    
  • How do System Datafeeds work? Data files are sent by data (or product) providers to IRESS, where they are validated and checked for any anomalies, such as incorrect format and incorrect holding balances, in IRESSnet. If errors are detected, IRESSnet will notify the particular data provider of the error to have it resolved. Once the validation process is complete, a ‘clean-feed’ of client data is then imported into XPLAN for you to access.
    
    
• User Datafeeds: Datafeed files are automatically obtained and processed by your XPLAN server, although the logs of Datafeed processing need to be monitored by users for any processing issues. User datafeeds are manually configured in XPLAN, and are classified as either:
  
  
  • Automatic feed: Although these datafeeds require no manual intervention by the adviser while being set up, the adviser may need to monitor the datafeed to ensure their clients’ data is feeding through correctly.
    
    
  • Manual feed: This is where the data provider requires the adviser to manually upload their clients’ data to XPLAN by either downloading the data directly from the data provider’s website, or by uploading files emailed by the data provider.
    

How do I view a list of available system datafeeds?

1. Go to XPLAN > Datafeed Functions > System Datafeeds.
   
2. In the menu on the left-hand side, go to Platforms > Summary.
   
3. The datafeeds currently available will be displayed, and active platforms will have the status of On:
   
   If a platform (or data provider) you require is not active (it has a status of Off), send an email to our Adviser at support@wealthaxis.com.au

How can I identify if a provider’s product is supported for datafeeds?

1. Go to XPLAN > Datafeed Functions > System Datafeeds.
   
2. In the menu on the left-hand side, go to Reporting > Platform Products:
   
   
   
   
3. If the product is not listed, it is not supported for datafeeds by the product provider. As such, the client’s account will need to be manually added and maintained in their portfolio in Portfolios (IPS). 
   

Datafeed Benefits

• Efficient: Portfolio Datafeeds represent an efficient way to import portfolio transactions that are administered by a third-party such as a Wrap Platform or Master Trust provider.
  
  
• Integration: Datafeeds are specifically integrated with IPS (Portfolio Module). XPLAN IPS doesn't accept any generic transactional data file - only those datafeeds that have been implemented between the datafeed vendor and XPLAN are supported.
  

External data is imported into your XPLAN site via IOS, System or User Datafeeds.

The main differences between the Datafeed types are:

• Types of data provided
  
• Set up steps required
  
• Where data is processed and stored
  
• Account mappings required
  
• Ongoing maintenance required
  

System Datafeeds

System Datafeeds are automated Datafeeds processed by IRESSnet (a combination of software applications/services hosted on IRESS infrastructure) and are the most common type of Datafeed. 

Data files are supplied by the data provider to IRESS and on receipt of these files IRESS pre-processes the data in IRESSnet. During this pre-process, IRESSnet validates the data and identifies any issues (e.g. incorrect format, incorrect holding balances etc.).

On successful validation, IRESSnet passes the data through to XPLAN where it is visible in the portfolio and/or insurance modules. For data that did not pass validation, IRESSnet automatically notifies the Data Provider of the problem, so that they can proactively attend to correcting the problem.

• Set up Requirements: System Datafeeds require Advisers to be mapped and for some vendors the Adviser may need to be registered via the vendor or IRESS website.  The Datafeed for each vendor also needs to be enabled.
  
  
• Account Mapping: Accounts can be mapped automatically or in some instances users may need to map on an individual account basis before (if IPS External Account ID is known) or after the Datafeed is processed.
  
  
• Maintenance: Ongoing maintenance is required to manage notifications, new adviser or account mappings, checking and reporting of errors at the client level. 
  

Further information on System Datafeeds here

iOS Datafeeds

IOS Datafeeds are system Datafeeds provided by brokers using IRESS IOS as their backend system.  Broker Datafeeds generally provide buy and sell data only (contract notes). 

• Set Up required: The set up for IOS Datafeeds requires account mappings (connections) for each client account to be set up.  If the account mapping (IOS connection) has not been created the data will not flow into XPLAN.  Some brokers also require IOS logins. 
  
  
• Maintenance: Most broker Datafeeds provide only buy and sell transactions (contract notes) in which case XPLAN Corporate Actions can be used to update client holdings with corporate actions such as dividends and dividend reinvestments.  This can be done automatically, in a batch or for an individual client portfolio.   
  

Further information on iOS Datafeeds here

WealthAxis Datafeed Administrator

Although IRESSnet has simplified the processing of Datafeeds greatly, there is still a responsibility on the end user (site administrator, Datafeed administrator or Adviser) to keep a close eye on what is being imported and any issues that may arise.

Depending on your role the Datafeed Administrator will be responsible for:

• Reviewing Datafeed reports and raising action items as required. Daily checking of reconciliation reports is recommended but weekly checking is generally the minimum required.
  
• Setting up Advisers IDs and Mapping them to a Data Provider.
  
• Checking that new accounts were correctly matched to a client already in XPLAN, or creating new clients if required
  
• Completing Datafeed summary forms and communicating with XPLAN Support to resolve queries that may arise.
  
• Setting up and configuring the Datafeed for the various providers.
  

Dashboard

• News Feed
  • The XPLAN Dashboard provides a News feed that will show Datafeed updates and service interruptions.
    
  • To access the News feed:
    
  • From the Title Bar at the top of the screen click the XPLAN button > Dashboard.
    
  • Click the News tab to open it.
    
  • When in the News tab, click Channels:
    
    
    
    
  • The Channels dialog box will open.
    
  • Ensure you tick the IRESS > Datafeeds channel:
    
    
    
    
  • Click OK.
    
    
• System Datafeed
  • A System Datafeed widget is available for the user dashboard that will display:
    
    • Unmapped Accounts
      
    • Unmapped Clients
      
    • Out of Balanced Accounts
      
    • Online Access Clients with Out of Balance Accounts.
      

Datafeed Reporting

It is recommended that Reconciliation reports be checked daily, however at a minimum these reports should be checked weekly.

• From the Title Bar select XPLAN > Datafeed Functions > System Datafeeds > Reporting
  

Further information on Datafeed Reporting here

Datafeed Mapping

XPLAN System Datafeeds will try to automatically map to the correct client in XPLAN based on the client information sent in the Datafeed (First name, surname, DOB, Adviser ect). If the Datafeed does not automatically map to the XPLAN client, you will need to follow the mapping instructions.

As you will be continuously implementing product recommendation, it is vital to regularly monitor your unmapped Datafeeds.

Further information on Datafeed Mapping here

Adviser Mapping

The purpose of this guide is to provide instructions on entering adviser Datafeed mappings to XPLAN. Adviser mapping allows the recording of your platform adviser ID in XPLAN so that IRESS can notify the specific provider (vendor) that you are requesting platform data.

The adviser mapping allows IRESSnet to transfer the data to the XPLAN site.  Without this adviser mapping the data will not be sent to the site. Some Datafeeds will also require Usernames and Passwords to be entered for the Adviser Mapping – This is dependent on the vendor.  Usernames and Passwords are usually obtained via the provider registration process.

Further information on Adviser Mapping here

Datafeed Troubleshooting Guide

• System Datafeed Troubleshooting Guide
  
• iOS Datafeed Troubleshooting Guide
  

Datafeed Administration

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Further information on Datafeed Administration here

Datafeed Initiation 

To start receiving Datafeeds in your XPLAN site, you will need to perform several steps to initiate the Datafeed.

Refer to System Datafeed Setup Addendum

• Each provider has instructions for initiating Datafeeds.
  
• Please refer to the System Datafeed Setup Addendum in the Insights Community for instructions for each individual Datafeed here 
  

Further information on Datafeed Initiation here

Datafeed and XPLAN Help

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Further information on Datafeed and XPLAN Help here

XPLAN Datafeed Forms and List

• XPLAN Datafeed Request Information Form: Incorrect Data for Client
  
• XPLAN Datafeed Request Information Form: Data Not Coming Through
  
• XPLAN Datafeed Request Information Form: Datafeed Template Error
  
• XPLAN Datafeed Providers List