Trudi Harper (Quantios) and Laura Lees (Nightingale Trustees) get together to talk about why eFileConnect was the right choice to help complete regulatory filings.
Laura Lees: Hi, Trudi, I am the Managing Director of Nightingale Trustees based here in Geneva, Switzerland. We took on Quantios over two years ago and we’ve recently started the efileConnect process. This was our first year filing.
Trudi Harper: "Why did you decide to make the leap into using a consolidated platform for your filing this year? I understand you previously used a separate system".
Laura Lees: That’s correct. One of the primary reasons was data maintenance. We didn’t like the idea of using separate systems, which would require continual data updates. This could lead to errors in the data itself and potential miscommunications between systems. Using a separate system involved extra layers of personnel, such as accounting staff communicating with compliance, and then compliance feeding data into a new system. We saw a range of issues with that approach and wanted to consolidate everything into one system where the information feeds directly into the filings.
Trudi Harper: "That really ties into the importance of data quality, which we’ve been discussing today. How did having a consolidated system improve your data validation and overall process?"
Laura Lees: With the consolidated system, we can instantly check if the data is correct, identify any missing data, and make amendments immediately. That allows us to proceed with the filing without unnecessary delays. It makes data validation more efficient, and having everything in one place ensures the data quality is maintained throughout the process.
Trudi Harper: "How would you describe your overall experience of using the consolidated system, especially given that this was your first year?"
Laura Lees: I would say this year involved a lot of upfront work, mainly in configuring the system correctly. We spent a lot of time ensuring everything was set up properly to pick up the right information. That meant double and triple-checking the data to ensure the output was correct. While it was time-intensive this year, we’re satisfied with the outcome. The filings were completed successfully, and the data is accurate. We hope next year will be much easier since the hard work of setting up the system is done.
Trudi Harper: "I understand that this initial setup can be a significant investment of time and effort, but it’s good to hear that it’s mostly a one-off process. Did you find that this investment will pay off in the future?"
Laura Lees: Absolutely. We believe the time spent on configuration was necessary to ensure everything runs smoothly moving forward. With every system, there’s an initial setup phase, but once it’s done, it should only require minor tweaks in the future. We feel confident that this was the right approach, and we expect future filings to be much easier and more efficient.
Trudi Harper: "You’re based in Switzerland, and I imagine regulatory compliance, especially with FINMA, was a key driver behind choosing a more sophisticated filing system. Would you say that’s correct?"
Laura Lees: Definitely. As a Swiss-regulated trust company, we’re licensed by FINMA, and while this specific element isn’t required yet, we understand the importance of having a proper audit trail. Running reports on excel and maintaining data in spreadsheets isn’t optimal. Consolidating everything into one system helps us from an audit perspective, ensuring that data verified by our compliance and accounting teams ends up being accurately reflected in our regulatory filings.
Trudi Harper: "What are some of the key efficiencies Nightingale has achieved with this new system?"
Laura Lees: The main efficiency is using one system instead of two or three. Having everything in one place reduces the risk of errors and eliminates the need to pass data through multiple hands. This not only saves time but also minimises the potential for mistakes. We believe this will make filing much less stressful and more efficient in the future. The data will naturally flow from our accounting and compliance systems, and we won’t need to treat filings as a big project each year.
Trudi Harper: "It sounds like the system has streamlined your process and made it more part of your business-as-usual operations. Would you say that’s accurate?"
Laura Lees: Yes, absolutely. It’s a much better feeling knowing that our data is constantly being updated, and at the end of the year, we’re ready to go. It removes the need for any last-minute remediation or big projects. It’s now part of our regular operations, which is what we wanted.
Trudi Harper: "What would you say to other trust companies that may still be using separate systems for their filings?"
Laura Lees: From my experience, many trust companies are still using separate systems, which leads to increased costs, inefficiencies, and a higher risk of errors. You’re essentially doubling the work by maintaining two systems. Now that there are consolidated solutions available, it makes sense to pursue that route. It’s a much more efficient and accurate way to handle filings.
Trudi Harper: That’s exactly what we aim to provide—a consolidated, efficient process that gives you confidence in your data and compliance. Thank you so much for sharing your experience, Laura. It’s been a pleasure speaking with you today!