Introduction

The io.network is an instant settlement network enabling customers of regulated financial institutions to transact with each other 24/7/365. It integrates as an extension of a core banking system, allowing fiat assets to be issued and redeemed from the network as long as its supply mirrors the equivalent balance within an omnibus account at the financial institution. As well as being deployed as a fully “ring-fenced” private network, controls are built natively into the network to ensure compliance and security. Client accounts need to be explicitly enabled before they can begin interacting with the network. After depositing funds into the omnibus account of the financial institution, or Principal Member, the Principal Member will explicitly approve and follow the issuance process to ensure the precise amount of fiat assets are sent to the customer’s network account. Once the customer wishes to withdraw funds from their network account back to their bank account, the Principal Member will have to explicitly approve or reject this request and follow the redemption process if approved. The redemption process involves sending the relevant amount of funds to the customer’s bank account and removing the appropriate fiat assets from circulation in the network (see “SOLUTION ARCHITECTURE” for a workflow visualisation).
To assist the financial institution in the investigation of unusual or suspicious activities on the network, the Compliance Engine monitors and alerts transactions that exceed established thresholds: 24-hour volume, 30-day volume, 24-hour number of transactions, 30-day number of transactions, and maximum transaction size. A “data lake” tool is also provided, empowering the financial institution to further investigate any unusual or suspicious activities using its insights, query tools, and exportable reports features. Based on the outcome of the investigation, the financial institution can either block the suspicious actor from the network, update their transaction profile, or continue to analyse and monitor their behaviour.
FUNCTIONALITY
Feature
VIEW AND MANAGE CLIENTS
Description
View all clients within the Network in alphabetical order;
View clients’ compliance thresholds;
View compliance flags raised per client.
VIEW AND MANAGE COMPLIANCE THRESHOLDS
Set & edit compliance thresholds for each client:
24 hour & 30 day volume
24 hour & 30 day number of transactions
Max transaction size ($)
VIEW AND MANAGE FLAGS
“View All” compliance flags;
View flag history, including date / timestamps, description of changes and editor;
Filter flags by status;
Change status of flags - Pending / Escalated / Resolved.
BLOCK / UNBLOCK
Blocking a client means that client can no longer send or receive funds within the Network;
Block a client and insert a memo detailing the reason for it
Unblocking a client means that client can now send and receive funds within the Network again;
Unblock a client and insert a memo detailing the reason for it;
All blocking/unblocking actions and memos are recorded within the “Profile History” section to create an audit log.
“PROFILE HISTORY” (AUDIT LOG)
View changes made to the client’s transaction thresholds, including date / timestamps, description of changes and editor (full name), and block/unblock requests and outcomes.
REPORTS
Download filtered or unfiltered data results to CSV/Excel;
Use the “Compliance Analytics” report to analyse transactions between two or more clients on the Network to understand the context of the Compliance flags;
Use the “Network Activity” report to view mints (issuance), burns (termination), and balances for all of your Network’s clients.
USER MANAGEMENT
Invite team members to use the Compliance Engine;
Resend invites to “Pending Users”;
Revoke invites to “Pending Users” ;
Edit users access levels / Edit users details if incorrect;
Deactivate users who should no longer have access to the platform.
SUPPORT STRUCTURE AND CONTINUOUS IMPROVEMENTS
Support structure and resources
Full support structure through our help center;

• Issue / query ticket management system;
• Principal Member’s tickets are triaged and prioritised within 1 working day;
• Client tickets are raised to their financial institution (PM);
• Technical support, including troubleshooting and resolving technical issues, is available during working hours Monday-Friday.
• User Guides for Principal members, clients, compliance, network reporting;
• FAQ’s - Principal member, clients, compliance, network reporting, full feature set;
• Training Videos - For key client impacting processes;
• Chatbot Support - Automated support services with live agent handover when an escalation is required;
• Live Support Agent- Where the Chatbot cannot solve the issue / query.
Communication
• Scheduled release - Advance communication will be given to the Principal Members and clients as relates new features for io.network, with a description of their impacts on functionalities and, if any, on terms and conditions;

• Emergency release - If vulnerabilities or bugs are discovered, patches and fixes will be deployed as needed to ensure the security and reliability of the Network.
User feedback
• User feedback channels - Facilitating the identification of   improvement opportunities throughout the user journey and informing the   development of new features and processes or enhancing existing ones.
MAINTENANCE & DATA
Data protection controls, access controls, reactive/proactive security, change management, policies and all other IT controls have all been certified and implemented according to SOC II requirements.
Data
Physical Location
AWS eu-west (Ireland).
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Access Controls
Data access is restricted by our access control policy on a “need to know” basis and according to the degree of confidentiality and/or sensitivity of the Data.
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Security
All systems use end-to-end encryption for transit and storage, adhering to best IT practices.
Compliance
Audits
Operations, controls and policies have been audited and certified in SOC II Type 1 policies. Periodic testing is conducted to ensure their effectiveness.
Software has been security audited/pen-tested by NCC group and Kudelski Security. Audits are conducted every 12-24 months.
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Privacy
Data privacy compliance documentation has been implemented and our Data Protection Officer is responsible for enabling the exercise of the Data privacy rights of our users.
Operations
Change Management
Scheduled maintenance activities such   as software updates will be performed and communicated in compliance with our   SOC II  release management process.
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Redundancy and Availability
IT resources are scaled across multiple   “availability zones” within Ireland to prevent risk of natural disasters and   databases are regularly backed-up.
SOLUTION ARCHITECTURE
BASIC COPYRIGHT NOTICE & DISCLAIMER
© 2021 This presentation is copyright protected. All rights reserved. You may download or print out a hard copy for your private or internal use. You are not permitted to create any modifications or derivatives of this presentation without the prior written permission of the copyright owner.This presentation is for information purposes only, the opinions expressed in this presentation are solely those of Io FinNet and do not necessarily reflect the views of any third party. All statements made in this presentation are believed to be true and accurate at the time of publication, however, Io FinNet makes no representations or warranties of any kind, express or implied, regarding the completeness, accuracy, reliability, or suitability of the information provided. No reliance should be placed on the information provided herein without independent verification. Any decisions made based on the information presented here are at your own risk. In no event will Io FinNet be liable for any loss or damages of any kind, including any direct, indirect or consequential damages arising out of or in connection with the use of this presentation.