Self Certify 24/7
Self Certify 24/7 is an automation solution, built in partnership with Microsoft UK, to help Financial Services organisations accelerate the self-certification process for the OECD Common Reporting Standard – CRS.
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The Common Reporting Standard – CRS – has multiple steps and many facets to ensure compliance.
Self Certify 24/7 assists Financial Services businesses
in one critical area of the CRS process,
Our primary objective is to greatly reduce the administrative burden of compliance that you must bear, specifically in relation to self-certification for all of your clients whom you have to ask to enter, submit and verify data – only for you to have to review or worse – re-key – the entire data capture process for in excess of 10’s of thousands of clients.
How it works
How does Self Certify 24/7 work?
Within Self Certify 24/7 we have married two independently verified secure technologies – Microsoft Azure and Microsoft Dynamics CRM – with a range of automated business processes, business rules and logic, based solely on the requirements for self-certification. To put it simply, this automates the exchange and presentation of information between you and your client to make your life and theirs simpler.
Why is this important?
We work in an age where we all expect a ‘digital by default’ experience and our data to be accessible securely, on any device. Your Clients’ find it a burden having to provide this information (yet again) which we all know, you already hold on record – therefore let us make this process simpler, faster, more accurate and automated for both of you. Enabling them to submit their information 24x7x365 and for you to process exceptions in your normal working hours, in a controlled, robust, audited and orderly fashion using a modern intuitive tool – Microsoft Dynamics CRM.
Self Certify 24/7 will save you administrative time, improve customer loyalty whilst demonstrating that you have genuinely considered the impact this mandatory regulatory process has on each and every client. This will reduce their burden by providing them with as much information as you are permitted to share under the OECD Handbook guidelines. For handbook follow - http://bit.ly/1HRjedk.
What does it look like, do, and cost?
What does it look like?
We will shortly outline the look and feel for your Administrative Staff (Administrators / Compliance / Relationship Managers inside Dynamics CRM) and the experience that your clients will have on most mobile / tablet or PC devices.
What does it do?
To help you verify that this will truly automate the many manual steps that you would ordinarily have to undertake, whilst greatly improving each of those steps – below we have outlined the areas of automation and improvement that Self Certify 24/7 will deliver across your teams. This identifies those whom would ordinarily be distracted by the self-certification process: Administrators | Relationship Managers | Compliance | IT and of course, your Clients and how we can free them to work on more important matters, such as growing your business.
What does it cost?
We work with client’s large and small, local and International therefore we would rather tailor our costs based on each explicit scenario we are faced with.
As part of Self Certify 24/7 we will need to set up an Azure and CRM Online subscription for you, we can do this as a trial or work with your existing implementation. Online licence costs will be accrued directly to your own Organisation based on your licence agreement with Microsoft.
On top of this core Cloud Infrastructure we can then implement our Digital by Default tool Self Certify 24/7 which will provide:
- Client focussed Forms engine on Azure
- CRM Online administration system with workflow automation and controls
This approach ensures version control, product integrity, data integrity and the free flowing yet secure exchange of information between you and your clients’, then back again into your CRM Online administrative system for review, reporting, approval (where exceptions are identified), sample tests as required then onward, automatic submission to your existing Systems of Record.
Is this providing a Digital Footprint?
- By initially identifying your clients (whom your staff will selected from your own records)
- The action of sending them a direct, targeted and personalized e-mail to the address you hold in record in your system
- Having them review, update and self-certify key attributes:
- Date of Birth and Jurisdiction of Tax Residence
- As well as the process of providing them a ‘certified digital signature’ to agree to the content prior to submission
We believe this could act as evidence when needing to demonstrate that you have captured ‘a Digital Footprint’ – we will also capture and record various available meta data attributes as part of the ‘certified digital signature’ process e.g. IP of the device, location, logged on user, date and time stamp however we would recommend that you take advice to ensure that this process is compliant in your own jurisdiction.
What is our process for Declarations and Digital Signing?
I understand that the information supplied by me is covered by the full provisions of the terms and conditions governing the Account Holder’s relationship with (the Financial Institution’s name) setting out how (that Financial Institution’s name) may use and share the information supplied by me.
I acknowledge that the information contained in this form and information regarding the Account Holder and any Reportable Account(s) may be provided to the tax authorities of the country in which this account(s) is/are maintained and exchanged with tax authorities of another country or countries in which the Account Holder may be tax resident pursuant to intergovernmental agreements to exchange financial account information.
I certify that I am the Account Holder (or am authorised to sign for the Account Holder) of all the account(s) to which this form relates.
I declare that all statements made in this declaration are, to the best of my knowledge and belief, correct and complete. I undertake to advise (the Financial Institution’s name) within (XX) days of any change in circumstances which affects the tax residency status of the individual identified in Stage 1 of this electronic form or causes the information contained herein to become incorrect, and to provide (the Financial Institution that maintains the account) with a suitably updated self-certification and Declaration within (up to XX) days of such change in circumstances.
Digital Signature: * ________________________________________________
Type your name: * ________________________________________________
Note: If you are not the Account Holder please indicate the capacity in which you are signing the form. If signing under a power of attorney please also attach a certified electronic copy of the power of attorney.
Capacity: * _________________________________________________
UPLOAD AND ATTACH.
What other services can we provide?
We can simply provide the software or, we can provide an encompassing service to help oversee the implementation, integration and automation of your wider systems and software estate. We can extend Self Certify 24/7 to enhance your wider KYC / AML and Sanction Matching processes or simply, the onward submission of captured data to your existing platforms, to ensure that you continue to derive value from your historical systems investments in the most logical way.
It should also be recognised that by buying Self Certify 24/7, you will also be stepping into the valuable World of Azure and Microsoft Dynamics. Both have their own considerable value propositions which we will happily evangelise about with your Executive team.
Feedback and Product Development
Roadmap – We will develop the product aligned to more features to aid with Regulation such as CRS, FATCA and CDOT reporting and remediation activities. Should we receive multiple requests to support key additional features or different languages, we work in a democratic way and will listen and implement your requests based on impact, value (to you) and our ability to deliver them in an agile fashion.
Want to see more?
We have video’s and demonstrations ready to roll – just give us a call and we will schedule a demonstration online.
Chris Clark | CEO | Prosperity 24.7 | email@example.com
An example of our client’s whom we have assisted with similar digital and regulatory challenges can be found here – CASE STUDIES.