End to End Processing

The aim is to keep this process as straight forward and efficient as possible.

In addition to direct data entry, there are a range of import options that make the data onboarding process more efficient and also reduce time spent identifying and correcting re-key errors.

Several levels of data validation are incorporated into efileConnect.

• The initial level is a cross-reference of existing data sets against known reporting authority schemas to identify any missing data.
• The next level is to assess the correctness of the data e.g. a spelling issue, incorrectly formatted TIN or GIIN etc.
• The final level is data amendment, rather than have to repeatedly update the data source and re-onboard data. Any identified errors can be efficiently directly updated within efileConnect – with a complete audit trail documenting the changes.

To help achieve effective and useful governance, there is a configurable and optional multi-tiered approval functionality.

To further minimise the risk of error, the submission process consists of two stages.

As the final submission is in a difficult to read XML or encrypted format, the first stage of the submission is a useful draft submission feature that presents the proposed report in a user friendly easy to read PDF format. This PDF document is viewable, printable and electronically storable.

The second stage of the submission is the generation of the Reporting Authority specific schema, encrypted if needed, in the required XML format with all necessary accompanying files.

To avoid any incorrect Account Holder data crossover, efileConnect treats each annual submission made by each Reporting FI as an independent submission with no dependency other than the details of the FI.

Each finalised submission is archived and is available in an on screen readable format and in the generated and searchable XML format.