Jersey-based software development company XRM has launched a new platform that enables service providers to comply with the new JFSC filing requirements.
XRM has experience developing software solutions that integrate with the JFSC API since 2017 and this latest addition to their software portfolio will enable 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.
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: https://www.xrm.jeservices/products/jfsc/
Written By: Simon Jackson
With over two decades of hands-on experience with Microsoft Dynamics and an impressive 25-year track record in coding and business solutions consultancy, Simon brings a unique blend of expertise to his clients. His deep-rooted knowledge in Microsoft Technolgies, coupled with his extensive coding experience, equips him with a competitive edge in delivering effective and efficient solutions. Simon's distinguished career has largely been dedicated to serving clients within the financial sector and the burgeoning fintech industry. His client base is diverse and expansive, ranging from startups to established corporations, all of which have benefited from his invaluable insights and solutions. This demand for his expertise is a testament to his adeptness and reliability in the field. Simon's expertise extends beyond Dynamics solutions. He possesses a profound understanding of databases and software integrations, AI, security architectures, and the deployment of multi-country models. His proficiency in these areas ensures he can navigate complex technical landscapes and deliver tailored solutions that align with clients' strategic goals. His proven ability to integrate complex systems while ensuring robust security models stands as a testament to his adaptability and technical prowess.