Qomply Launches QomplyDirect
A first-to-market solution that enables firms to send their transaction reports directly to the FCA – gaining control; shedding costs.
31 Jan 2023
“Fines for non-compliance are becoming more frequent and more economically material for firms”, notes KPMG in their RegTech Report released in December 2022.
Qomply is delighted to announce the launch of QomplyDirect – an integrated solution for firms wanting to take control of their transaction reporting and their costs. QomplyDirect is disrupting the market by enabling firms to send their reports directly to the FCA eliminating the need for an ARM.
Enrichment, validation, quality assurance, and the entire end-to-end submission process is managed by the firm itself, through one platform – QomplyDirect. This full-service solution allows firms to regain control of their reporting and bring all processing under one roof, without the cost or complication of engaging an ARM. QomplyDirect is user-friendly, reliable and cost-effective.
Michelle Zak, Co-founder of Qomply says: “QomplyDirect is the first platform in the UK market that enables you to send your trade reports directly to the FCA, bypassing the ARM, giving firms more control in managing their transaction reporting and the associated costs. QomplyDirect consolidates and streamlines the transaction reporting processes and can deliver significant cost savings. Certainly, for back-reporting large volumes of data, QomplyDirect removes extra ARM fees by offering the flexibility of sending reports directly to the FCA via a firm’s own infrastructure.”
Developed with input from five leading financial firms, QomplyDirect offers various options from a staged migration to a full end-to-end service. Firms wishing to undergo a staged migration can continue using the ARM to submit their data in conjunction with QomplyDirect as it connects directly to most leading ARMs. To simplify the process, users are able to monitor report status through one portal – QomplyDirect.
For firms wishing to implement a completely “hands-off” solution, QomplyDirect can be used in conjunction with QompyEngine that will take raw trade files directly from a drop point, create the transaction report on behalf of the firm and then enrich, filter, validate and send. Large data volumes can be managed effectively via the Qomply API.
QomplyDirect is a full-service solution for firms wishing to retain control of their reporting and eliminate the requirement for an ARM.
