XRM has had experience developing software solutions that integrate with the JFSC API since 2017. This latest addition to their software portfolio enables businesses to ensure they meet the new requirements around reporting of significant persons, and annual confirmation statements.
Simon Jackson, Director at XRM explains how the system works: “The key to delivering these filings on time is consistency. All service providers have data that needs updating, and some of our clients have data in multiple systems. We start by identifying inconsistencies across all of their existing data and manage processes across the business to correct it. Filings are then automatically prepared and, once approved, the data is transformed into the correct format and submitted to the JFSC via their new API.”
With the April deadline for completing filings fast approaching, the software enables management teams to get a 360-degree view of all filing requirements across the business enabling them to manage resources effectively and respond proactively to any issues.
And the team at XRM aren’t just developers – they are business process consultants – which means they understand the importance of deeply understanding business systems and user requirements prior to building new tools.
That’s why the platform has been developed with input from service providers across the finance industry, and a huge amount of effort has been put into building a tool that’s fast to implement and easy to use.
Simon explains: “We have data validation tools ready to go, and we’re now just waiting for the release of the JFSC’s Registry v2 API for system testing before our final release. We’ve taken care to design in flexibility to handle the requirements of different businesses, and offer a modern user experience that will make the process of meeting the new requirements easier for the whole team.”
Theoretically, businesses could just “throw people at the problem” but this is, at best, a short-term approach.
Simon added: “What happens next year? What happens when a director or beneficial owner changes? By using a dedicated regulatory reporting tool that integrates with your existing line of business systems you can continually compare data in your systems, with what you’ve filed with the JFSC – automatically flagging any inconsistencies and triggering workflows to make updates when required.”
For more information about XRM’s new regulatory reporting tool visit here