Development of a software solution for a trust and corporate services organisation to submit reports to the financial regulator.
Who was the client?
Vistra Jersey is one of the largest independent trust and corporate services providers in Jersey and the companies within the group have operated from the island for more than 20 years.
The team at Vistra Jersey has extensive experience of providing services to high net worth individuals and families and servicing their wealth management structures.
With the introduction of new regulations concerning the frequency of reporting of Beneficial Owners and Controllers to the Jersey Financial Services Commission (JFSC), Vistra Jersey, along with other trust company service providers, had to resubmit the details of the beneficial owners and controllers of all its Jersey-registered companies.
With a large quantity of registered companies under its management, Vistra Jersey recognised that to submit the data manually through its online portal would have been extremely time consuming and a drain on resources. Consequently, Vistra sought an efficient solution to allow it to make its submissions in bulk through the JFSC’s API instead.
What did the project involve?
C5 Alliance developed a software application that would allow the submission of beneficial ownership and control data directly to the JFSC’s API.
Analysing the JFSC’s API schema, C5 developed the application to reflect the requirements of the JFSC’s Companies Registry. The team designed the application to support the upload of data directly from either a SQL database or an Excel spreadsheet template, giving Vistra Jersey options to best suit its needs.
The spreadsheet template C5 designed was based on the JFSC’s API schema but constructed in a way that would allow Vistra Jersey to have clarity and a better understanding of what data was required for submission.
During the project, C5 continually made test submissions to the JFSC to ensure the logic was accurate. This process highlighted a number of scenarios that led the team to make changes to the application. Whilst the software went through several iterations, collaborating with the JFSC and Vistra Jersey meant that C5 was able to deliver a solution to match the Client’s exact requirements.
Length of Project
The timescale for the project was very short. With the JFSC’s API schema available from March 2017 and a submission deadline of 30th June 2017, we developed and tested our software application thoroughly in this time to allow the Client to both validate and submit its data ahead of the deadline.
C5 Alliance met Vistra Jersey’s needs in the provision of a user-friendly solution for sending beneficial ownership and control submissions, successfully meeting the tight end-of-June deadline.
The JFSC considered the project a success and was impressed with the software application that C5 had developed to submit data to its API and, in particular, the use of multi-threading technology to speed up the submission process.
“It was a pleasure working with the team at C5 on this project, They had an initial product which immediately suggested to us that it could provide a much better solution than manually keying the data required by the Registry. Once engaged, C5 were pro-active and engaged with the project right through to completion and provided invaluable advice, assistance and support throughout”
Danielle Gray, Vistra Jersey