Frequently Asked Questions
What is efileConnect’s purpose?
efileConnect is an AEOI Submission Management Solution. Its purpose is to provide a cloud based solution that offers end-to-end processing of the AEOI submission process.
End-to-end means the entire AEOI submission process from initial data capture and management, process scheduling, data validation, submission generation and review, final submission and amendment processing.
What does efileConnect do?
efileConnect has three core functions:
Provide an optionally multi-tenanted online solution which collates and converts information of Reporting Financial Institutions and their respective Account Holders into AEOI FATCA / CRS XML reports
Provide management information and oversight relating to all aspects of the submission process to organisations managing AEOI submissions
Be capable, as a single solution, of servicing an unlimited number of Reporting Authorities, Submitting Organisations, RFI’s, Users
Which Reporting Authorities is efileConnect compatible with?
Unlimited. For both FATCA and CRS there is no limit on the number of Reporting Authorities to which efileConnect can support.
The global standards of schema encryption are available.
In addition to the standard xml schema formats for both FATCA & CRS we provide, as required, customised formats to cater for local Reporting Authority nuances in report design and format.
Why is efileConnect a cloud solution?
Cost Optimisation. In addition to utilising the latest solution technologies efileConnect is cloud based primarily to make it affordable. This is achieved in a number of ways:
Minimising cost of ownership by removing direct IT costs such as hardware, infrastructure, upgrading, support etc.
As a cloud solution it can be provided as a secure ‘multi-tenant’ solution i.e. a single solution for multiple organisations.
How secure is efileConnect?
Extremely Secure. As a hosted solution there are a variety of security levels in place with efileConnect:
ViewPoint’s hosted option uses the secure and reliable Microsoft Azure Cloud hosting solutions
efileConnect uses the very latest private key encryption technology to ensure that data is secure
efileConnect has a highly configurable internal Role Based Access & Control system that allows user access to be very precisely defined, controlled and monitored
As a self-hosted solution the firewall security is highly configurable to whatever specification that is preferred
Why use efileConnect?
Lowering Technology Risk with a trusted and experienced regulatory technology partner.
AEOI submission management can be so complex and demanding on resources that making accurate and timely submissions without a high quality RegTech solution would be a high risk decision.
efileConnect is a ViewPoint development – ViewPoint was founded in 1994 and since then has been continuously developing solutions to help its clients with their complex compliance, regulatory, statutory and governance needs.
efileConnect is the latest example of ViewPoint’s commitment to delivering solutions using the latest technology to help its clients effectively manage the risks that the onerous obligations AEOI FATCA & CRS have created.
Is efileConnect user friendly?
Very Friendly. It has always been a key driver of efileConnect to make each step of the AEOI process lifecycle as easy as possible. A 5 stage process simply and efficiently guides users through the process from onboarding to submission.
In addition efileConnect is intuitive to use, for example, dashboards provide users with colour coded instant overviews that can be expanded to see specific tasks and deadlines.
Is AEOI processing more efficient with efileConnect?
Absolutely. Accurate and timely submissions are equally core tenants of AEOI and efileConnect offers a number of methods to promote this:
ViewPoint Integration – the AEOI data already maintained within ViewPoint’s Entity Management solution can be instantly imported into efileConnect.
Other Solution Integration – efileConnect comes with API’s/Web Services technology that can be customised to integrate virtually any other normalised solution.
Imports – efileConnect has comprehensive Excel & PDF import features that are pre-configured to allow all AEOI required information and associate management information to be immediately and accurately captured.