The development wheels never stop turning at TrustQuay, so we wanted to provide some insight into what we've been working on recently. This is a new area for our blog, so we'll aim to give you this insight every few months and also explore behind-the-scenes too.
On the regulatory front, the Economic Substance Advisory Service feature has been updated in a number of areas to improve usability and data capture. We have also updated 5Series to CRS Schema v2. With the Jersey FSC soon to be releasing their new digital registry, we have also added extra data fields for our forthcoming work in this area.
Outside of regulatory, we have updated the entity relationship diagrams so you can better distinguish between managed and unmanaged structures. If you've not used entity relationship diagrams, this is the perfect excuse to give them a go - they are a great tool in showing clients how their structures have developed over time.
And one other update we wanted to highlight, from the many updates included in the September 5Series update, is the increased character limit on the narrative field in timesheets. You can now include up to 1,200 characters in your timesheets!
Our TrustQuay NavOne team has made significant improvements and innovations in the October update.
Improvements have also been made to how Beneficial Ownership is reported within TrustQuay NavOne. To ease regulatory reporting, you can make changes in the Beneficial Owners or Controlling Persons register which are automatically recorded. In addition to this, there is also a change log to allow you to view and approve the changes made.
In addition to this, our Jersey Tax returns automation module now caters for companies requiring output to the Finance & Leasing sections of the Jersey Tax Return.
Our Funds team have been particularly busy, with several significant improvements to the Funds module (PEF) in NavOne. To name a few: an addition has been made to the Client Investment card of a Fund of Funds tab so you can now add underlying investments to the investment card. There is also a new function for creating transfers of interest between partners - you are now able to transfer loan and capital for any one partner at the same time which avoids users having to undertake two separate transfers of interest on the same date.
As we covered in our last blog post, we're working hard on adopting the Jersey FSC's Digital Registry service. It's great to see regulators around the world increase their digitalisation and I look forward to continuing to talk about it this year and beyond.
Simon is Global Head of Product and Marketing at TrustQuay