At Jade ThirdEye, and in my role as Head of Product, we prioritise maintaining a strong connection with our customers, understanding their operational environments, and staying abreast of the ever-evolving regulatory landscape.
The recent transition of Swift from MT to MX messages to meet an ISO 20022 compliant message format has driven significant changes in the regulatory landscape. AUSTRAC was quick to leverage this shift, adopting MX messages for their new reporting methods. During this transition period, we received feedback from both current and prospective customers, indicating that suboptimal reporting methods for MX messages were putting a strain on their resources. Recognising an opportunity to assist, we set out to enhance our reporting solutions to better support our customers through this regulatory change.
Recognising our commitment to delivering a global solution with regional functionality, we saw a clear opportunity to assist our Australian customers and promptly began developing automated IFTI-E reporting. This initiative was a natural fit with our existing reporting capabilities, particularly SMRs in Australia. Through close collaboration, we quickly identified that this new report would meet both current and prospective customers' needs.
By collaborating with our customers, we found that all potential users of this feature would be using the MX message format. Prioritising user experience and providing effective compliance solutions, we focused on receiving the MX message as-is from the customer, saving time and simplifying the implementation process.
Through regular engagement with our early adopters, we have preserved all the essential elements we value in our reporting (SMR, TTR and IFTI in Australia and STR, IFT and LCT in New Zealand). This includes maximising report automation to save users time, pre-populating reports, and validating data so users can focus on report quality rather than data entry. Additionally, we ensure a high level of auditability, management information and user deadline prompts, all of which help Jade ThirdEye minimise the risk of non-compliance.
I am excited to bring this new feature to market, not only to support customers with IFTI-E reporting but also because it showcases the amazing results we can achieve by partnering with current and prospective customers, to understand their challenges and create innovative solutions that enhance their day-to-day operations. As my colleague Claire recently mentioned, it's important to choose a provider that offers not just a current software product but a partnership that includes ongoing development and support, aiming to improve continuously in the coming years. It’s these kinds of partnerships that I find most rewarding, and the consistent desire to make Jade ThirdEye a better and more effective tool for AML compliance to combat financial crime.
If you, or anyone you know, is looking at how they can streamline their regulatory reporting to AUSTRAC, or is encountering challenges with their AML compliance, I would love to connect and see how Jade ThirdEye can help.
If you would like to learn more about automated IFTI-E reporting, click here to learn more.
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