How does the Live Update Function work

I am looking to build a middleware system that can control a multitude of audio parameters in real-time, such as DSP, spatial, etc. Is there access to how the live update function works and communicates between FMOD and the in-game engine (in my case unreal4) and how the audio is manipulated at runtime.

Cheers

The details of our implementation are not public, but the high-level concept is that when Live Update is connected, minimal versions of the banks are rebuilt at runtime when a parameter/event/asset changes, and these rebuilt banks are sent over the network to replace the banks being used in-game.
Please let us know if you have any specific questions about Live Update and I will see if we can answer them for you.