In our last article, we discussed about “Best-Fit” and a follow on we wanted to discuss on Data Management. Despite the substantial investment made by banks in data management, the requirement for a platform to carry out manual workarounds to the CRS Input data for impairing the risks of inaccurate reporting continue to persist.
Core Banking System is the golden source of reference data for CRS reporting but before accommodating the CRS input file it requires exhaustive refinements to comply with the HMRC standards. The maladaptation to the system scalability makes the banks lookout for new solutions.
What if the CRS application enables you to amend reportable data?
Having data management as an integrated feature within the CRS application will eradicate performing multiple iterations in amending the CRS reportable data.
MG’s “CRS Stride – AEOI / HMRC CRS & FATCA Reporting Solution” facilitates amending the CRS data at the customer level within the application, enabling the banks to achieve the desired input data quality before considering it for CRS XML file generation. Upon achieving the desired standards, CRS Stride generates an extensive audit trail with 90+ validations to track and manage the deviations within the reportable data, providing utmost confidence for the banks in reporting the CRS data.
MG’s Adhoc and On-demand support for HMRC queries
In the event, where HMRC detects and notifies inaccurate or incorrect data around the submitted CRS Reports, MG with its team of SMEs provides an extended arm to precisely fix the erroneous data by efficiently generating the Submission Variation and Submission Replacement XML files within the stringent timelines as specified by HMRC. The platform enables multiple variation submission with ease.
Click Here to know more about the other features and benefits offered by CRS Stride.