FATCA/CRS RegTech roll-out for global Accountancy firm, Langham Hall

3 MINS | FinTech / RegTech

Langham Hall Group has been a valued customer of secureVirtual for nearly 10 years and recently extended their commitment to retain secureVirtual as their IT Managed Services Provider partner to 2021. Langham Hall value sV’s input on understanding how IT can benefit their organisation to meet various business requirements in all areas of the business.

In late 2017, Langham Hall approached sV to help them implement Flyingboat, a FATCA & CRS [RegTech] reporting tool that would help them automate much of the process for meeting their annual reporting obligation to various global tax authorities.

Langham Hall had already been reporting for the purposes of FATCA and CRS for a number of years and had found that simply using spreadsheets to manage this was becoming increasingly difficult. Langham Hall’s reporting volumes had been steadily increasing and the amount of human resources needed to enter details for up to 400 funds/2000 investors and reporting to almost 100 countries in producing the ever-increasing numerous reports required did not make commercial sense. By 2018, Langham Hall recognised that the process in place could be improved through automation and systemisation, so a decision was made to implement a system ahead of the upcoming reporting period.

On consideration of any solution, security is of primary importance to Langham Hall. It was therefore essential that any solution would need to have the ability to hold client data within their corporate network environment whilst satisfying internal security policies and regulatory compliance. Langham Hall thus opted for secureVirtual to host the solution and a software partner (ISV) sought, whose software could be deployed in a more secure manner as opposed to a purely, ISV-led, cloud hosted solution where the location of the data or quality of the hosting service was unknown.

After consulting with secureVirtual, Langham Hall chose Flyingboat Tax Data Exchange (fb-TDE) due to its lightweight application footprint and ease of use approach. This approach makes the application easy to deploy, use and setup. Running costs are also kept low as it is frugal on server resources. Additionally, Fusion’s Flyingboat support team were efficient, helpful and their offices located in a UK time-zone jurisdiction (Guernsey) which was particularly useful during the setup and implementation phase.

SecureVirtual had provided the virtual infrastructure, configured the new virtual server, and installed the software, in preparation for Langham Hall to test.  Running initially for a 1-month “Proof of Concept” (PoC), the service was successfully made live in April 2018. Here is what Langham Hall had to say about the solution:

Selecting FlyingBoat became a simple process due to their efficiency in demonstrating the system and their ability to meet  our requirements.  Their continued support throughout the process also proved invaluable and key for us to work together, not just in Jersey but across our other jurisdictions where Flyingboat was being implemented.

 Once the system was selected, working with sV was key to ensure the system was deployed efficiently. This was as always a smooth transition and we were supported fully from the proof of concept stage through to our go live date.  sV understand our requirements and endeavour to simplify the process which supports our user interaction and positive usability of this new system, and all systems we use” Carlos Rebelo, Associate Director, Langham Hall Fund Management (Jersey) Ltd

In summary, secureVirtual is able to implement and support all RegTech solutions and business critical software, from the bespoke to those more established solutions including implementation of Sun Accounting and Sage, to name just two. If you would like to discuss how to achieve a 100% uptime for hosting your business critical application, get in touch – we’d love to hear from you!

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