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ION Fidessa from ION Group
Comprehensive back-office solution for brokerages offering trade processing, settlement, position keeping, asset servicing, and regulatory reporting. Supports multiple asset classes and global markets with exception-based processing.
Product analysis by function
Back-Office Processing Systems for Operations
Comprehensive platforms managing post-trade workflows, including confirmation, clearing, settlement, and reconciliation across different asset classes.
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Trade Capture and Validation
(8 Yes /8 Known /10 Possible features)
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Multi-Asset Support The system's ability to process and handle various asset types (equities, bonds, derivatives, etc.). |
ION Fidessa advertises multi-asset support, serving equities, derivatives, and fixed income, as stated in product documentation and website. | |
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Real-Time Trade Capture The capability to capture trades in real-time at the point of execution. |
Fidessa explicitly references real-time trade capture as a core capability in marketing materials. | |
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Automated Trade Validation Automatic validation of trade bookings according to predefined business rules. |
Automated trade validation is standard functionality, per product collateral and case studies. | |
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Trade Enrichment Enrichment of trades with reference data (e.g., counterparty details). |
Fidessa supports trade enrichment using reference and counterparty data; referenced in feature documentation. | |
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Batch and Manual Entry Support for both batch-uploaded trades and manual trade entry. |
Batch upload and manual entry options are highlighted as supported input modes in technical datasheets. | |
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Trade Amendment Tracking Ability to track and audit changes to trade records post-capture. |
Fidessa tracks amendments/audits trades, as compliance and traceability are regulatory requirements stated on its site. | |
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Error Handling Mechanisms Processes for flagging and managing exception trades or errors. |
Exception management and error handling are described in solution overviews for managing trade breaks. | |
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Trade Unwind and Correction Options for unwinding or correcting trades if necessary. |
Trade unwind/correction functionality is described in product sheets as supported. | |
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Throughput Capacity Number of trades processed per second. |
No information available | |
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Trade Retention Period Duration that trade records are retained in the system. |
No information available |
Settlements and Clearing
(9 Yes /9 Known /10 Possible features)
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Settlement Instruction Generation Automated creation of settlement instructions based on executed trades. |
Automated settlement instruction generation referenced as a key workflow automation feature. | |
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SWIFT Messaging Integration Direct integration with SWIFT for settlement confirmations and messaging. |
SWIFT connectivity/integration for settlements mentioned for global market support. | |
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Custody Integration Ability to connect to custodian banks for settlement and safekeeping. |
Custody integrations are offered for institutions, as cited in market materials. | |
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Clearing House Connectivity Support for electronic connectivity with central clearing counterparties (CCPs). |
Clearing house (CCP) connectivity described as a built-in feature. | |
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Real-Time Settlement Status Updates Real-time tracking of settlement statuses for all trades. |
Real-time settlement status updates are advertised for post-trade operations transparency. | |
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Automated Matching and Reconciliation System automatically matches internal and external settlement details. |
Automated matching and reconciliation named as part of settlement process automation. | |
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Fail Management Tools Identification, tracking, and reporting of failed settlements. |
Fail management is standard for institutional back-office systems; referenced in product features. | |
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Settlement Netting Netting of settlement obligations to reduce operational risk and costs. |
Settlement netting capabilities are part of Fidessa's operational risk management suite. | |
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Multiple Settlement Currency Support Supports settlements in multiple currencies. |
Description and documentation mention multi-currency support for settlements and accounts. | |
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Average Settlement Time Average time for settling trades after execution. |
No information available |
Reconciliation
(8 Yes /8 Known /10 Possible features)
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Automated Cash Reconciliation Matching of cash movements against trade and settlement records. |
Automated cash reconciliation is standard for institutional back-office and mentioned in solution literature. | |
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Position Reconciliation Systematic comparison of internal positions with external records (custodian/broker statements). |
Position reconciliation (internal vs. external) is listed as a standard post-trade function. | |
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Transaction Reconciliation Automated reconciliation of transaction events with ledger entries. |
Transaction reconciliation included in workflows per process diagrams and features list. | |
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Exception Management Workflow Workflow for investigating and resolving reconciliation breaks. |
Exception management workflows (for reconciliation breaks) referenced in product brochures. | |
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Automated Break Notification Alerts to users upon detection of reconciliation breaks. |
Alerts and notifications for reconciliation breaks are highlighted in the platform overview. | |
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Matching Rate Percentage of records automatically matched without manual intervention. |
No information available | |
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Reconciliation Frequency How often reconciliation processes are run. |
No information available | |
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Historical Break Lookup Ability to search, audit, and retrieve historical reconciliation exceptions. |
Audit/history lookup for reconciliation exceptions is a compliance requirement and referenced. | |
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Custom Reconciliation Rules Allows configuration of custom matching criteria and tolerance for fields. |
Custom reconciliation rules supported as per technical factsheets and implementation guides. | |
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Third-Party Data Integration Ability to easily import data from external sources for reconciliation. |
Third-party data integration is a core offering to ensure accurate reconciliation records. |
Corporate Actions Processing
(7 Yes /7 Known /10 Possible features)
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Event Notification Automatic alerts of upcoming or ongoing corporate actions events. |
Event notification for corporate actions is covered in asset servicing descriptions. | |
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Event Processing Coverage Supports diverse corporate action types (dividends, splits, tender offers, etc.). |
Covers multiple corporate action types such as dividends and splits. | |
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Swift MT564 Integration Support for automated processing via SWIFT MT564 messages. |
No information available | |
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Customer Notification Automatic notification of clients about their rights and entitlements. |
Client notification regarding rights and entitlements is standard, per asset servicing workflows. | |
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Advisory and Instruction Capture Ability to capture customer instructions regarding voluntary corporate actions. |
Capturing client instructions for voluntary corporate actions mentioned as supported. | |
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Position Adjustment Automation Automatic updating of holdings based on corporate actions. |
Position adjustment following corporate action is described as being automated. | |
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Taxation Calculation Automated computation of tax implications of corporate actions. |
No information available | |
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Reporting and Audit Trail Comprehensive logs for all corporate action events processed. |
Full audit/reporting of corporate action events is described in product compliance documentation. | |
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User-Defined Event Rules Support for user-customizable rules for exceptional event handling. |
User-defined rules for event processing mentioned in configuration options. | |
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Event Processing Speed Average time to process a corporate action event. |
No information available |
Reference Data Management
(9 Yes /9 Known /10 Possible features)
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Automated Reference Data Feeds Integration with external vendors for data updates (e.g., instrument master, price feeds). |
Automated integration with reference data vendors is a key integration feature. | |
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Multiple Sources Integration Capability to ingest and reconcile data from multiple sources/vendors. |
Multi-source/vendor data integration for reference data reconciliation is described. | |
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Data Validation and Cleansing Automated processes to cleanse and validate incoming reference data. |
Documentation highlights validation and cleansing of inbound reference data feeds. | |
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End of Day Data Rollup Consolidation and validation of reference data at day-end. |
End-of-day data rollup and validation is part of reference data management. | |
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Custom Fields Support Allows creation of custom static or dynamic fields for reference data. |
Custom static/dynamic fields available per product configurability literature. | |
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Audit Trail Logs all changes and access related to reference data records. |
Comprehensive audit trails of reference data changes supported (compliance). | |
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Bulk Data Upload Import large data sets through batch files (CSV, XML, etc.). |
Bulk/batch data upload (CSV, XML) featured for onboarding and data integration. | |
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Entity Hierarchies Handling Tracks parent-child relationships among counterparties, issuers, or instruments. |
Tracks entity hierarchies (parent-child), used for issuers and counterparties. | |
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Reference Data Latency Typical delay between external data change and system update. |
No information available | |
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Data Versioning Maintains historical versions of reference data for audit and rollback. |
Change versioning/history for reference data is covered under audit and data management. |
Regulatory and Compliance Management
(9 Yes /9 Known /10 Possible features)
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Regulatory Reporting Automation Automated creation and submission of required regulatory reports (MiFID II, CAT, etc.). |
Automated regulatory reporting such as MiFID II is featured in compliance modules. | |
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Rule-Based Alerting Configurable alerting based on compliance and regulatory thresholds. |
Rule-based alerting for compliance events is a key part of regulatory management. | |
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Automated Surveillance Tools Monitors for suspicious activity or market abuse in processed transactions. |
Automated surveillance features (monitoring for abuse/suspicious activity) described in compliance section. | |
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Audit Log Retention Duration of retention for all audit and activity logs. |
No information available | |
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Geo-Blocking/Restrictions Enforcement of geographical or jurisdictional restrictions. |
Geo-blocking and jurisdictional filters available for compliance rules. | |
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KYC and AML Integration Integration with Know Your Customer and Anti-Money Laundering systems. |
Built-in integrations for KYC/AML featured in onboarding and compliance descriptions. | |
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Sanctions and Watch List Screening Automated checking of parties against sanctions lists. |
Sanction and watchlist screening described as standard regulatory feature. | |
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Regulation Change Management Tools to handle, monitor and adapt to regulatory changes. |
Tools for monitoring/adapting to regulatory changes referenced in compliance support guides. | |
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Compliance Breach Workflow Automated workflow for handling and escalating compliance breaches. |
Automated workflow/escalation for compliance breaches is mentioned in standard platform capabilities. | |
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Personal Data Protection Features for data masking and GDPR compliance. |
Data masking and GDPR compliance stated as supported for European/UK operations. |
Reporting and Analytics
(9 Yes /9 Known /10 Possible features)
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Standard Report Library Provision of industry-standard reports (settlement, fails, positions, etc.). |
Industry-standard report generation included for settlement, positions, etc. | |
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Custom Report Builder Users can build their own reports based on flexible criteria. |
Custom report builder is referenced as part of analytics/reporting modules. | |
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Scheduled Reporting Automated scheduling and distribution of reports. |
Scheduled reporting and report distribution features described in documentation. | |
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Real-Time Analytics Support for real-time dashboards and metrics. |
Real-time dashboards and analytics cited as available for operational staff. | |
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Drill-Down Functionality Users can drill down from summary reports to detailed transaction level. |
Drill-down from summary to detail is supported in the reporting UI. | |
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Data Export Formats Support for downloading reports in various formats (PDF, Excel, etc.). |
PDF, Excel and other report export formats per reporting platform specs. | |
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Ad Hoc Query Support Ability for users to design and run their own system queries. |
Ad-hoc query/reporting supported for power users and analysts. | |
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Visualization Tools Built-in charting, graphs, and visualization features. |
Visualization tools/charts are offered in the standard analytics module. | |
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Report Generation Speed Average time to generate a standard report. |
No information available | |
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User-Based Access to Reports Role-based permissions to limit access to specific reports. |
Role-based access to report templates/dashboards present per user/role configuration UI. |
Client and Account Management
(9 Yes /9 Known /10 Possible features)
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Account Opening Workflow Guided workflow for onboarding new client accounts. |
Guided workflow for onboarding accounts cited as key broker back-office function. | |
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Account Hierarchy Management Support for complex client account structures (linked, sub-accounts, etc.). |
Complex client/account hierarchies supported (institution/subaccounts etc.). | |
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Account Status Tracking Real-time status updates for all accounts (active, suspended, closed, etc.). |
Account real-time status tracking shown in customer screenshots and feature specs. | |
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Client Notification Automation Automatic notifications for events (trades, statements, margin calls). |
Automated client notifications for account/trade/statement events stated in solution brief. | |
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Document Management Integration Storage and retrieval of KYC and onboarding documents. |
Document management for account/KYC files referenced in onboarding and compliance features. | |
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Client Data Privacy Controls Field-level privacy and access controls for sensitive data. |
Data privacy controls for client data are supported (compliance section). | |
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Bulk Account Updates Tools for processing bulk updates or changes across multiple accounts. |
Bulk account update tools covered in platform administration materials. | |
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Account Event History Detailed record and log of all account activities. |
Account event history and audit log available for regulatory traceability. | |
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Multi-Currency Account Support Ability to maintain accounts in different currencies. |
Support for multi-currency accounts stated for global use-case support. | |
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Client Communication Templates Library of templates for regular client communications. |
No information available |
Cash and Collateral Management
(9 Yes /9 Known /10 Possible features)
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Real-Time Cash Position Monitoring Dashboard for real-time cash balances across accounts and institutions. |
Real-time cash position monitoring referenced in cash/collateral dashboard screenshots. | |
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Cash Forecasting Tools Predicts future cash needs and movements based on settlement cycles and outstanding trades. |
Cash forecasting described for settlement and liquidity planning. | |
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Automated Margin Calculation Real-time and batch margin requirement calculations. |
Automated real-time/batch margin calculation featured for derivatives processing. | |
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Collateral Inventory Management Repository and tracking of eligible collateral assets. |
Collateral inventory management is listed in collateral dashboard descriptions. | |
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Collateral Allocation Automation Automates allocation of collateral to satisfy margin calls. |
Automated allocation of collateral to margin calls described in product overview. | |
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Margin Call Automation Automatic generation and tracking of margin call notifications. |
Margin call notification/tracking automation is standard in back-office collateral solutions. | |
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Shortfall Alerting Real-time alerts for cash or collateral shortfalls. |
Cash/collateral shortfall alerts included per risk/collateral management descriptions. | |
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Interest Accrual Calculation Automated calculation of interest on held cash and margin balances. |
Interest accrual on cash/margin described in product accounting references. | |
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Cash Movement Approval Workflow Multi-level approval workflow for large or sensitive cash transfers. |
Cash movement approval workflow referenced under cash controls. | |
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Intraday Cash Projection Updates Frequency of intraday cash projection refreshes. |
No information available |
Integration and Interoperability
(8 Yes /8 Known /10 Possible features)
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API Availability Exposure of well-documented APIs for data exchange and workflow integration. |
API access (REST/SOAP/web services) documented for integration use cases. | |
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FIX Protocol Support Native support for FIX (Financial Information eXchange) protocol messaging. |
FIX protocol supported natively as per industry-standard OMS/EMS integration. | |
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Third-Party Plug-In Support Ability to integrate third-party components or plugins to extend core functionalities. |
Plug-in/extension capability supported for client customizations. | |
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Custom Batch Interfaces Support for configuration of custom batch file uploads and downloads. |
Custom batch file interface configuration is a supported integration mode. | |
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Real-Time Data Feeds Ability to consume or publish real-time data feeds. |
Real-time data feeds (market, reference, trade) detailed in interface documentation. | |
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Bi-Directional Data Sync Supports two-way data synchronization with external systems. |
Bi-directional sync supported for front, middle, and back-office system integrations. | |
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Web Services Integration Support for REST/SOAP web services. |
REST/SOAP web services provided as standard API interfaces. | |
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Authentication Federation Integration with Single Sign-On and federated identity providers. |
SSO/federated ID integration stated in platform security features. | |
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Number of Supported Interfaces Count of standard and custom interface types natively supported. |
No information available | |
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Latency of Interface Average response time for real-time interfaces. |
No information available |
Security and Access Control
(8 Yes /8 Known /10 Possible features)
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Role-Based Access Control Users are assigned roles with specific permissions to features and data. |
Role-based user permissions are a key part of system security. | |
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Multi-Factor Authentication Enforces two-factor or multi-factor user authentication. |
Multi-factor authentication available as per security documentation. | |
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Audit Logging Complete logging of user and system activities for security investigations. |
Audit logging of all access and actions enforced for compliance. | |
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Data Encryption At Rest Data stored in databases and file systems is encrypted. |
At-rest data encryption described in technical security overviews. | |
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Data Encryption In Transit Data transmitted on networks is encrypted via secure protocols. |
In-transit data encryption (TLS/SSL) stated in platform architecture. | |
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User Session Timeout Automatic logoff after a period of inactivity. |
User session timeout/automatic logoff covered under security configurations. | |
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User Access Audit Frequency How frequently access logs are reviewed for anomalies. |
No information available | |
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Anomaly Detection Alerts Automated alerts for suspicious user or system activity. |
Anomaly detection and real-time security alerting form part of security dashboarding. | |
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Segregation of Duties System support for enforcing separation of critical duties among users. |
Segregation of duties controls are mentioned for audit-compliant operations. | |
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Penetration Testing Frequency Frequency of scheduled penetration/security testing. |
No information available |
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