Qomply has launched QomplyDirect, an integrated, full-service solution that allows companies to send transaction reports directly to the UK Financial Conduct Authority. Five financial firms have contributed to the project’s development.
The end-to-end submission process is managed through the platform, removing the need to engage several service providers or an approved reporting mechanism (ARM). This will reduce costs and heighten firms’ control over their operations, the company says.
To achieve a fully ‘hands-off’ solution, the platform works with QomplyEngine to take raw trade files from a drop point, create, enrich and validate the relevant transaction report, and deliver it. If a firm is working with large data volumes, these can be managed through Qomply’s application programming interface.
Alternatively, those wanting to enact a staged migration can employ an ARM in tandem with QomplyDirect. Report status will be monitored through the new platform.
Michelle Zak, co-founder of Qomply, says: “QomplyDirect consolidates and streamlines the transaction reporting processes and can deliver significant cost savings. Certainly, for back-reporting large volumes of data, QomplyDirect removes extra ARM fees by offering the flexibility of sending reports directly to the FCA via a firm’s own infrastructure.”
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