Introducing the next phase of EdgeLink Verify - EdgeLink Automation!
This feature allows companies to consent to having data automatically created, matched, or updated, eliminating the need to confirm each pending transaction request manually.
The feature is by default set to 'Off', and you must manually opt into the automation tool.
To do so, you will want to navigate to the 'Settings' tab of your EdgeLink module.
Automation Settings
The 'Edgelink Automation Settings' table contains three automation toggles:
Transaction Creation
Transaction Matching
Transaction Updates
By toggling these on and thus enabling the automation process, the system will then create, match or update transaction sent to you from connected parties without the need to action the items manually.
Please note the following criteria that must be met in order for automation to take place.
Transaction Creation:
- the investor is already connected
- the account is already connected
- the advisor is already connected
- the position contains no unlinked transactions matching the Automatic Matching parameters (see below)
- the position contains no unlinked transactions matching the Manual Matching Parameters (see below)
Transaction Matching:
- the investor is already connected
- the account is already connected
- the advisor is already connected
- the position contains 1 unlinked transaction matching the Automatic Matching Parameters (see below)
Transaction Updates:
Updates sent for any previously connected transaction will be automatically accepted, and your transaction will be updated to match the new information.
Automatic Matching Parameters
Automatic Matching Parameters
If your Automation Settings are enabled, the system will automatically match transactions if they fall within the following parameters. These cannot be modified if automation is enbaled.
These settings are:
~cpu = within 0.0001
~units = within 0.0001
- closed date = within 2 days
*Please note, transactions of type Income, Interest, and Return of Capital may be matched to each other if all other criteria are met.
Manual Matching Parameters
Manual Matching Parameters
If you choose to disable or opt out of the automation settings, you are still able to define the criteria the system uses to match transactions in your system to your connected parties. Once these potential matches are found, you will have to manually accept them.
These settings are:
-Maximum Unit Difference (units)
-Maximum Cost Per Unit Difference ($/unit)
-Maximum Closed Date Difference (days)
For example, if you enter a maximum unit difference of 1 unit, the system will only present transactions that don't differ from the transaction you are attempting to connect to by more than 1 unit.
You are also able to define whether you want to allow Redemption/Sale transactions to match each other, as well as Income/Interest/Return of Capital transactions. The default setting is 'No', which means both transactions must be the same type in order to match.
For more information about the Manual Matching Parameters, see:
Automation Process Flowchart:
With Edgelink Automation, when transactions are received by connected parties, the process will be determined by the criteria you have defined in your settings:
*Please note, in this context, 'Transit' means that a pending transaction will be created that requires action.
Creation: if automation is on, the system will check for transactions within automation parameters (tight); if none are found, will check for transactions within manual parameters (~loose); if none are found, automation will create the transaction
Matching: if automation is on, the system will check for transactions within automation parameters; if only one is found, will auto-match; if more than one are found, the process ends there and you have to manually pick the right one. If none are found, will check for transactions within manual parameters, at which point you'll have to manually confirm any potential matches
Updates: if automation is on, any updates received (for already connected transactions) will be automatically accepted