System Datafeeds Overview

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 or directly on the providers platform.  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. 

Mapping Advisers

Adviser mapping allows the recording of your Adviser ID/Code 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 providers will also require a Username and Password. These are usually obtained via the provider registration process which is detailed for each vendor in the System Datafeed Setup Addendum.

To add an Adviser Mapping:

• From the Title Bar select XPLAN > Datafeed Functions > System Datafeeds.
  
  
  
  
• In the navigation menu click on the Mappings > Advisers 
• At the top right of this screen, click Add Mapping.
  
  
• Select the provider from the first dropdown menu
• Enter the required fields.
• Click Save.

Advisers can elect to set processing options that will apply to the Datafeed.  The processing options will be dependent on the specific Datafeed.  The standard processing options available for almost all Datafeeds include:

• Import Provider supplied Initial Balance Trades: This option allows Initial Balance Trades sent by the vendor to be imported. You may choose to ignore initial balance trades if you already had transactions present in XPLAN.
  
  
• Adviser Lock: This option allows you to set the date for when you want transactions from, based on the trade date of the transaction. If you tick and enter a date, only transactions with a trade date greater than the date entered will be imported into your XPLAN site. I.e. all transactions in XPLAN prior to this date are locked for this Datafeed and Adviser.

Initiate Datafeeds

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

Configuring Datafeeds 

IRESS has pre-configured the processing options for XPLAN System Datafeeds. It is recommended that the default settings are used.  However if required to configure the Datafeed settings such as adding a lock date at the vendor level the following steps can be taken. WealthAxis will manage this process

From the Title Bar select XPLAN > Datafeed Functions > System Datafeeds > Platforms > Summary

Click the name of the provider that you want to configure (if it has been activated). Alternatively you can click on Configuration in the left navigation menu, and then click the name of the provider.

Click Edit to make any changes to the Datafeed.

Untick Use XPLAN defaults.

Edit the settings as appropriate

Client/Account Settings

• Match client data: The matching criteria (First name, Surname, DOB, etc.) has been pre-set IRESS. It’s been determined as a ‘best fit’ for the data supplied by the Data Provider and cannot be changed. You can disable the client matching by unchecking this box.
  
  
• Create new clients: New client records are created in XPLAN when a ‘new client record’ is received via the Datafeed.  The data sent in the Datafeed is used to create the client. The amount of client information used to create the client in XPLAN is dependent on the amount of information sent by the provider.
  
  Refer to the Datafeed Summaries for the client information sent by each provider here
  
  
• Match client data and Create new clients can both be enabled. First a Match will be attempted. If there is no automatic match, a new client record will be created. 

Balance Checking Settings

• Is used to reconcile the balance of the Portfolio Account with the balance of the Datafeed, any issues will be reported in the messaging system.

Asset Data settings

• Asset allocations: Allow any Asset allocations sent by the Datafeed to be imported. This will update any matching assets within your XPLAN site.
  
  
• Prices: Allow IPS Products to be updated with Prices sent by the Datafeed to be imported.
  
  
• Risk Data: This option allows for Risk Data to be imported. Only some Datafeeds have Risk Data.

Trades settings

• Create linked cash trades: This option allows for the creation of cash trades where a Datafeed does not supply a cash account. If this option is checked, XPLAN will create an entry in a Cash asset for each buy/sell, etc. that occurs on the asset.
  
  
• Create initial balances: This option allows for the creation of an initial balance where a full history of transactions and an opening balance transaction has not been supplied by the Data Provider.
  
  
• Deletions: This option allows for the Data Provider to send deletion records to remove incorrect data. This does not remove any client data or any account mappings. If a Data Provider sends a deletion and this option is not checked there may be detrimental effects, such as reconciliation errors, duplicated transactions, etc.
  
  
• Vendor Lock: This option allows you to set the date for when you want transactions from, based on the trade date of the transactions. If you enter a date, only transactions with a trade date greater than the date entered will be imported into your XPLAN site. Date Locks can be set at the Vendor, Adviser or Account Level.
  
  
• Schedules: Vendor Date locks can be updated via automated schedule. Adviser date locks can also be automatically updated through the Adviser Mapping screen. The schedule frequency can be set to run on a Daily, Weekly, Monthly, or Yearly.
  
  To set the Vendor date lock schedule:
  • Set date lock in Default Values tab in the Vendor Configuration screen.
  • Click Schedules tab.
  • The current Date Lock displays.
  • Click the Enable box and set Move Forward frequency
  • Click the Save button on the top right side of the screen
    
    
• Daily Schedule: This schedule runs daily and in order for the lock date to be updated there must be 2 full days between the date of the lock date and the current days date before the schedule can roll the date lock forward.
  
  
• Weekly Schedule: This schedule runs on Sunday and in order for the lock date to be updated there must be at least 9 full days between the ‘day’ of the date lock and the ‘day’ of the current days date.
  
  
• Monthly Schedule: This schedule runs on a daily basis for the first 7 days of each month (i.e. 1st thru 7th inclusive). In order for a date lock to be updated there must be 2 full days between the ‘day’ of the date lock and the ‘day’ of the current days date. It’s important to note that because the schedule only runs for the first 7 days of each month.
  
  
• Yearly Schedule: This schedule runs daily and in order for the lock date to be updated there must be 2 full days between the date of the lock date and the current days date before the schedule can roll the date lock forward.

Manual Transactions

Manual transactions include the purchase or sale of units of a particular holding, which have been created by an individual user, rather than originating through the datafeed. These extra transactions can cause the account balance to not reconcile with the provider, and cause account balances to display incorrectly in the portfolios IPS area of XPLAN.

Further information on Manual Transactions here

Enable Datafeed Notifications

System Datafeed Notifications will notify you daily of:

• New Accounts that require mapping
• IPS positions that are out of balance
• Any item that is encountered during import of data into your XPLAN site that requires your attention.

To set up your Datafeed notifications:

• From the Title Bar select XPLAN > Datafeed Functions > System Datafeeds > Configuration > My Config. 
  
  
  
  
• The Configure My User Options page displays.
  
  
  
  
• Click Edit. In the Client Data list select one of the following:
  
  
  • No clients: You will not be notified of Datafeed errors or issues.
  • User's clients only: You will be notified of any account reconciliations issues for accounts that you are the Adviser for. 
  • All visible clients: You will be notified of any account reconciliations issues for clients you have access to.  
  • Other Data: Be notified of any portfolio data issues, such as asset codes that could not be created.
    
    
• Click Save.
  
  
• Configure notifications for other users
  • From the Title Bar select XPLAN > Datafeed Functions > System Datafeeds > Configuration > All User Config.
  • Select the required User(s).
  • Under the Operation panel, select the notification type from the dropdown list.
  • Click Update.