Flyingboat News

Spring 2018 News Roundup

Mar 26, 2018

It is just over six months since we completed the divestment of the IT Services division of our business to Calligo Cloud enabling us to focus exclusively on our fintech software products. The autumn and winter period has been a busy time for us with a string of new clients adopting both Flyingboat Wealth Management Software (fb-WMS) and Flyingboat Tax Data Exchange (fb-TDE). We have also introduced fb Capital Studio, a new Fund Accounting and Administration software product to our first pilot site.

We released the update to Flyingboat Tax Data Exchange to extend the range of CRS countries to those participating in reporting 2018 whilst also adding a raft of improvements across the breadth of the product. The major addition is the Data Integration module that allows fb-TDE to directly extract data from enterprise systems. It is an out of the box configurable solution that any experienced database analyst with a familiarity of SQL will be able to configure with the minimum of assistance. A video of our data tools has been added to the YouTube channel.

A number of tax authorities are still working on their 2018 CRS & FATCA portal solutions and updated validation rules. We are aware that Jersey’s portal is changing and our tests suggest that the changes are substantial. Based on the changes observed we have the updates in hand awaiting formal publication of the changed requirements. It is disappointing that a Tax Authority with such a large Financial Institution base is making such substantial changes with just a short time ahead of the filing deadlines. The revised Jersey portal is due to open in mid April.

On Flyingboat Wealth Management Software we are continuing our strategy of continuous product improvement both with the underlying technology and with user functionality. We have created a facility for adding entity styles with definable data fields. The original purpose is for managing more detailed information on Yachts and Aircraft that are held in administered structures, but it can be used for any style of structure where new or different styles of data is required.

GDPR is looming ever closer and we are introducing a suite of functionality to manage the entity lifecycle from the perspective of GDPR as well as systems for managing other GDPR requirements like disclosure requests, data transfers and breaches. Data removal is also being addressed.

A new panel called the Entity Flash Card has been added to client centric interfaces mixing graphical elements and score card data to provide instantaneous snap shot of client a client status whilst also providing some key navigation points. The entity flash card provides a quick glance status of all the key metrics concerning an entity – Risk, PEP status, Issues, Tasks, Profile as well as click through to the structure chart and for relevant entities statistics like unbilled time and debtor positions. This has had a very warm welcome from clients.

We’ve also introduced fb Capital Studio a dedicated Fund Accounting and Administration software product to its first pilot site in Guernsey. The software which has been developed over the last two and a half years and is designed to address the difficulties involved in fund accounting and reporting. By bookkeeping every transaction at the most granular level of deal and investor using allocation rules addresses the fundamental reporting issues that cause most fund accounting software products to struggle leaving users relying on costly and unwieldy side systems. Further improvements have been made based on feedback received and we are now actively seeking additional pilot sites to help finalise the development as we move towards formal launch of the software.

Elsewhere we have had client commitments to our Client Web Portal solution and the work to continue the evolution of our fb Reporting Hub into a special purpose Document Management System continues.

If you want to find out further information on any of these topics then pleasae contact Alan Rowe via our contact page.