Due to the unfortunate Coronavirus situation, and numerous work related restrictions put in place around the globe, many firms have been undergoing contingency reviews including reaching out to vendors about their ongoing support. At Cappitech, this has included questions about maintaining ongoing T+1 reporting deadlines as well as meeting onboarding deadlines, specifically, the April 11th go-live period for SFTR.
Firstly, Cappitech would like to acknowledge that the Coronavirus goes well beyond compliance reporting and the financial industry. Even among those not affected by the virus itself, many of us have relatives or friends that have suffered from the outbreak, and are impacted from the difficult business challenges. Cappitech wishes for a speedy recovery for those affected, containment to the virus and return to normal.
Regarding Cappitech, we are lucky to be working with a distributed workforce, with support, development and sales across four countries. Also, as a SaaS firm, our software is cloud-based and reduces our single points of failure. This has provided us an existing framework for implementing any remote work needed for both product development and support of customers.
In addition, in the event of a work-at-home mandate being implemented across the firm, Cappitech has undergone company-wide testing to ensure full connectivity to support this reality.
Overall, our goal is to continue to be "business as usual" in these unusual times. Cappitech also understands that a number of our clients are facing difficult market environments. This includes quarantine policies or stock market turbulence that reduce availability to focus on compliance related tasks. Client feedback has shown that this is especially an issue for firms aiming to meet their SFTR reporting goals.
To better support customers, Cappitech urges firms to notify us of any gaps that they believe can delay onboardings. Reporting firms should also take advantage of the visual dashboard to review rejection messages that may be the result of staff not being available to make timely trade updates. We will do our best to work on alternatives, such as assisting with building of reference data sets and adding customised development to reduce customer workload to comply with regulatory requirements.
