White Paper Trust Administration and Corporate Services Software Guide
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White Paper
Trust Administration and Corporate
Services Software Guide
First published: January 2021
Solitaire Consulting Limited
de Carteret House
7 Castle Street
St Helier
Jersey
JE2 3BT
Tel: +44 (0) 203 287 4191
Email: info@solitaireconsulting.com
Web: www.solitaireconsulting.com
© Solitaire Consulting Limited 2021
White Paper | Trust Administration and Corporate Services Software Guide CONTENTS INTRODUCTION ............................................................................................................... 3 SUMMARY ........................................................................................................................ 1 1. MARKET LEADING PROVIDERS .............................................................................. 1 1.1 TrustQuay (https://trustquay.com) .......................................................................................................................... 1 1.2 Viewpoint (https://www.goviewpoint.com) ............................................................................................................. 3 2. CHALLENGERS ......................................................................................................... 6 2.1 enSynergy (https://www.myenvisual.com) ............................................................................................................. 6 2.2 Fusion Acusoft (https://fusionacusoft.com) ........................................................................................................... 6 2.3 PlainSail (http://www.plainsail.je) ............................................................................................................................ 8 2.4 Salesforce / Comnexa (https://www.comnexa.co.uk/solutions/financial-services) ............................................ 8 2.5 thewealthworks (https://thewealthworks.com) ....................................................................................................... 9 3. NICHE SYSTEMS .................................................................................................... 10 3.1 Aviita (https://www.aviita.li) .................................................................................................................................... 10 3.2 BlueMeg (https://bluemeg.com) ............................................................................................................................. 10 3.3 Companion (http://www.dpnsoftware.com) .......................................................................................................... 11 3.4 Concept (https://cpsltd.ch/en/home) ..................................................................................................................... 11 3.5 Diligent Entities (https://www.blueprintoneworld.com) ....................................................................................... 11 3.6 GEMS (https://www.cgs-gems.com) ...................................................................................................................... 12 3.7 Millogic (https://www.millogic.nl) .......................................................................................................................... 12 3.8 Phoenix (https://www.phoenix.je) .......................................................................................................................... 12 3.9 Taskforce (http://www.taskforce.co.uk) ................................................................................................................ 12 3.10 Wealtheeze (https://wealtheeze.im) ....................................................................................................................... 13 4. ECO-SYSTEM PRODUCTS ..................................................................................... 14 4.1 3CEPS* (https://www.3ceps.com) .......................................................................................................................... 14 4.2 BankClarity (https://www.bankclarity.com) .......................................................................................................... 14 © Solitaire Consulting Limited 2021 www.solitaireconsulting.com Page 1
White Paper | Trust Administration and Corporate Services Software Guide 4.3 CaseWare (https://www.caseware.co.uk) .............................................................................................................. 14 4.4 Centenal* (https://www.centenal.com) .................................................................................................................. 15 4.5 Cloud Accounting Systems .................................................................................................................................... 15 4.6 Cygnetise* (https://www.cygnetise.com) .............................................................................................................. 15 4.7 ID Verification Services (ID&V) .............................................................................................................................. 16 4.8 Laserfiche / MBS* (https://mbs.im) ........................................................................................................................ 16 4.9 Praxonomy (https://www.praxonomy.com) .......................................................................................................... 16 4.10 RiskScreen (https://www.riskscreen.com) ............................................................................................................ 16 4.11 Vega Solutions* (https://www.vegasolutions.co.uk) ............................................................................................ 17 SOLITAIRE CONSULTING LIMITED .............................................................................. 18 ACKNOWLEDGEMENTS ................................................................................................ 19 APPENDIX – VENDOR SALES LITERATURE ............................................................... 20 DISCLAIMER This report (Report) has been produced independently by Solitaire Consulting for marketing and business development purposes. The information, statements, statistics and commentary (together the ‘Information’) contained in this Report have been prepared by Solitaire Consulting using its own knowledge and experience as well as input from other stakeholders. Solitaire Consulting does not express an opinion as to the accuracy or completeness of the information provided, the assumptions made by the parties that provided the information or any conclusions reached by those parties. Solitaire Consulting have based this Report on information received or obtained, on the basis that such information is accurate and, where it is represented to Solitaire Consulting as such, complete. The Information contained in this Report has not been subject to an external review. E&OE. © Solitaire Consulting Limited 2021 www.solitaireconsulting.com Page 2
White Paper | Trust Administration and Corporate Services Software Guide
INTRODUCTION
In line with the global trust administration, corporate services and fund administration market itself, there
has been significant consolidation in the providers of enabling software, over the past five years. Out of
this consolidation two main players have emerged: TrustQuay with their 5Series and NavOne products,
and Viewpoint with their product of the same name.
All three of these systems are highly capable, designed to provide the complete IT solution for any trust
administration firm or corporate services provider (TCSP).
Whilst these systems dominate on a global scale there are many other systems available to TCSPs that
provide similar functionality. Generally, these vendors have focused on specialising in specific areas of
functionality or geographic locations. These core administration systems are often referred to as ‘ERP’
(Enterprise Resource Planning) systems, which describe a genre of software designed to cater for the
majority of operational and financial needs of a particular business.
The purpose of this guide is to identify software vendors serving the TCSP market, describing their
products and areas of focus. The guide is aimed at TCSPs who may need to upgrade or replace their
current system(s) and are looking for potential systems to include in their shortlist of applications to
consider.
Most of the vendors and systems included in this guide are known to Solitaire Consulting and I have
either implemented, replaced or upgraded them over the past decade. The inclusion of a system in this
guide does not imply any endorsement or recommendation. Conversely, any systems/vendors omitted
from the guide will only be because I am not aware of its existence and have not come across it before.
For ease of reference, I have separated the systems into one of four categories depending on my
perception. Each category has its own section summarised below:
1. Market Leading Providers – these vendors have the capability to develop, implement and
continually invest in world leading software for global TCSP businesses.
2. Challengers – vendors who aspire to be market leading but either have software that lacks
the full capability of the market leaders, or who only serve a limited market. To be in the
Challenger category the vendor has to have the potential to achieve market leading status.
3. Niche Systems – vendors who have systems focused on a small number of geographic
markets or where the software doesn’t cover the full range of TCSP functionality. Also in this
section are mature software products that continue to be supported and developed, but don’t
appear to have active sales channels.
4. Eco-System Products – related products that support the TCSP industry and generally rely
on integration with one of the core ERP-like systems mentioned above.
The order of systems listed in each category is alphabetical. No ranking or prioritisation is implied.
This guide has been produced based on my knowledge and experience of the industry combined with
input from technology vendors and clients.
I hope you find it useful and I welcome any feedback.
Paul Every BEng(Hons) CEng CITP MBCS MAPM MCMI
Owner & Principal Consultant
Solitaire Consulting Limited
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White Paper | Trust Administration and Corporate Services Software Guide
SUMMARY
This section provides a summary of the products featured in the White Paper, grouped into categories.
Note the system name is used in this table which may differ from the section name in the body of the
document due to some vendors having more than one product.
The core modules used by most vendors in this sector are noted, although there will be differences in the
specific functionality included. This is meant as a high-level guide only and does seek to rate quality of
functionality available.
The following key has been used, which is based on knowledge held by Solitaire Consulting at the time
of publishing:
4 – full functionality; 6 - partial functionality; 0 – no/minimal functionality;
Recording &
Management
Management
Client Portal
Compliance
Accounting
Document
Workflow
Product Billing
AEOI1
Entity
Client
Time
Market Leading
TrustQuay 5Series 4 4 4 4 4 4 4 4
TrustQuay NavOne 4 4 4 4 4 4 4 6
ViewPoint 4 4 4 4 4 4 4 4
Challengers
enVisual 4 4 4 4 4 4 4 4
Acumen 4 4 4 4 4 4 6 0
FlyingBoat 4 4 4 4 4 6 6 6
PlainSail 4 4 4 4 0 0 0 4
Salesforce 4 6 6 6 0 6 6 0
WealthWorks+ 4 6 4 4 0 4 0 0
Niche Systems
aviOne 4 4 4 4 6 6 4 4
BlueMeg 4 0 6 6 0 6 4 6
1 AEOI stands for Automatic Exchange Of Information used to denote functionality supporting intergovernmental agreements
for data exchange, usually for tax reporting purposes.
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Recording &
Management
Management
Client Portal
Compliance
Accounting
Document
Workflow
Product
Billing
AEOI1
Entity
Client
Time
Companion 4 4 4 4 0 0 0 0
Concept 4 4 4 4 0 0 0 0
Diligent Entities 4 0 0 6 0 6 0 0
GEMS 4 0 0 6 0 6 0 6
Millogic 4 4 4 4 0 0 4 6
Phoenix 4 4 4 6 0 0 0 0
Taskforce 4 4 4 4 0 0 0 0
Wealtheeze 4 4 6 6 6 0 4 6
Table 1. Summary of core trust administration systems in each category
Product Key Features
Eco-System Products
3CEPS Middle ware for transaction automation and straight-through-processing
BankClarity Middle ware for bookkeeping and payment automation, Treasury, FX and compliance
Caseware Client accounting and financial statement production
Centenal RegTech solution for compliance management, analytics and CRS reporting
Cygnetise Blockchain solution for signature list management
Laserfiche Enterprise content services platform for document management, workflow and RPA
Praxonomy Board portal solution
RiskScreen Sanction screening software
Vega Sirius Secure client web portals, mobile apps and onboarding / workflow solutions
Table 2. Summary of featured eco-system products
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1. MARKET LEADING PROVIDERS
To be in this Market Leading Providers section the vendors must have a strong track record of supporting
the global TCSP market through the provision of fully integrated ERP systems. The vendors will have
strong and stable businesses and be capable of providing support for their systems and continued
investment to meet customer and regulatory demands.
There are two vendors in this category: TrustQuay and Viewpoint.
1.1 TrustQuay (https://trustquay.com)
TrustQuay was formed in 2020 from the merger of Microgen Financial Systems and Touchstone Wealth
Management. The company brings together the unique but complementary strengths of both businesses
to deliver a global presence, deep industry knowledge and strong delivery capability.
TrustQuay is a privately held company owned by the management team as well as a number of
institutional investors led by Silverfleet Capital, the pan-European private equity firm. Silverfleet are long
term investors with deep Corporate Service and Trust industry knowledge.
The combined business totals about 150 staff, with offices in UK, Jersey, Guernsey, Luxembourg,
Cyprus, Singapore and Sydney.
TrustQuay have 3 core products in their portfolio. TrustQuay 5Series, TrustQuay NavOne and TrustQuay
Portal, which are described in the sections below.
5Seris and NavOne are the flagship ERP systems previously developed and sold by Microgen and
Touchstone respectively. Both products have similar functionality and have large global client bases.
They have different characteristics and will be suited to different types of TCSP. Although there has been
speculation in the market whether one product will be phased out, this appears unlikely, given their well-
established markets. Instead, TrustQuay are continuing to invest in both products, developing common
solutions that can be tailored to either code-base. They are also developing a portfolio of eco-system
products that can be integrated with either core system.
Since the launch of its new brand, under the leadership of Keith Hale, TrustQuay has been very active in
the market and sees itself as far more than a software provider. In addition to their software development
and support teams, TrustQuay has a large and mature professional services organisation supporting
implementation projects of any size. This capability is the largest in the industry.
TrustQuay sees the market as undergoing a rapid change over the coming years and believe it is
incumbent upon the software vendors to take a lead in this and help guide customers through this change,
so everyone comes out stronger. Whether that be through the push for digitalisation, increased regulation,
or the continued consolidation in the market, it is difficult to see many other vendors with this capability.
TrustQuay 5Series (https://trustquay.com/5series)
5Series was Microgen’s core product. It is a fully featured ERP system suitable for a broad range of
wealth management businesses, including trust companies, corporate services providers and fund
administrators.
Core software modules
∑ Entity Management
∑ Accounting
∑ Investments
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∑ Time & Expenses
∑ Billing
Standard Functionality for: Workflow, Automated Document Production, Diary Management, Compliance,
KYC, Sanctions Checking, FATCA/CRS Reporting, UBO Reporting, Graphical KPI Dashboards,
Business User Query Tool, RESTful API.
5Series also has optional fund administration functionality and a document store.
5Series uses the Microsoft .NET framework and needs a SQLServer database. It can be deployed on a
Windows client, using Citrix or other terminal servers and in a cloud environment on Microsoft Azure or
AWS.
TrustQuay NavOne (https://trustquay.com/navone)
Previously Touchstone’s core product, NavOne originated in Jersey, Channel Islands as a wealth
management system based on the Navision ERP system. Navision was sold to Microsoft and the
underlying software was rebranded as Microsoft Dynamics NAV. At the same time Microsoft rebranded
two other ERP systems they had acquired, Great Plains and Axapta, to Dynamics GP and Dynamics AX
respectively.
Following several name changes as the underlying product evolved, the latest version of the Touchstone
product was launched as NavOne in 2013 coinciding with a significant refresh of the Dynamics NAV
technology. This included integration with SharePoint and a Web Client.
Continued investment by Microsoft, currently at around $1bn per annum, has seen Dynamics NAV evolve
into Microsoft Business Central. Business Central is available on Azure, making NavOne suitable for both
public and private clouds as well as conventional on-premise installation.
Used by small to large organisations operating across sectors in over 30 jurisdictions, TrustQuay NavOne
increases operational efficiencies and reduces administration costs. NavOne is an enterprise-wide
system, it has been designed with integration at the forefront to deliver a unified experience across
organisations.
The unique design of Microsoft Business Central enables NavOne to be scaled up and out to suit any
size of business in the TCSP industry, from a single data centre. With a choice of desktop thin client, web
client or mobile application, the application can be used from anywhere even over lower quality
communication lines.
In addition to the core functionality of Busines Central, NavOne comes with an impressive array of
functions that can be configured to suit any size of TCSP and Fund Administration business.
TrustQuay Portal (https://trustquay.com/portal)
TrustQuay Portal is a brand new product, developed and launched by TrustQuay in November 2020. It
will allow TCSP end-clients to have a unified view across all their structures, including corporate entities
and wealth trust assets.
What sets it apart is that unlike third party portals, the TrustQuay Portal is able to leverage all existing
data on TrustQuay’s flagship NavOne and 5Series products, providing end-clients with complete access
to their information in a controlled and secure way. For providers, this delivers clients a personalised
digital experience, with the client interface carrying the providers’ own branding, within days and weeks
rather than a traditional implementation of months.
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With the ready integration to 5Series or NavOne, TrustQuay Portal has a very quick and straightforward
implementation time. As a release 1 product it’s functionality is currently limited, but the roadmap for the
coming 12 months looks very comprehensive.
A recent survey by TrustQuay identified that 2 out of 3 firms said their clients wanted a greater digital
experience, with 69% of firms now planning to digitalise their client engagement in the next 2 years.
Other TrustQuay Products
TrustQuay supports a number of other wealth management products which were acquired when under
the Microgen brand.
∑ Quorum
Quorum was purchased in 2015. Mostly serves the Cyprus market.
∑ 4Series
This was the precursor to 5Series but still has a significant client base. It was originally launched
by Lynx Financial Systems in 2003 and acquired by Microgen in 2005.
∑ Jobstream
Jobstream Group was acquired by Microgen in 2015. Jobstream first appeared on the market in
the late 1990s.
∑ Elements
Formerly Unity Elements, was acquired by Microgen in 2014.
∑ Primacy
Primacy Corporation was purchased in 2016. This Canadian software business was particularly
strong in the Caribbean trust and private banking market.
∑ Alchemy
Formerly Finalysis Alchemy, this Jersey based system was acquired at a similar time to
Jobstream.
Of these, only Quorum is still being sold to new customers.
1.2 Viewpoint (https://www.goviewpoint.com)
Viewpoint Software is a well established and stable business that has been in private ownership since its
establishment by Rolf Heemskerk in 1994. The company is based in Malaysia where it employs in excess
of 70 developers. It also has a network of sales and support partners / agents based in various key
jurisdictions around the world.
Viewpoint has the largest client base of any single system in this market. Most of its large clients being
the multi-jurisdictional service providers with many offices in different parts of the world.
Viewpoint excels in producing most standard corporate forms and registers for over 20 of the most
common jurisdictions in the world.
Their core team of developers is supported by a network of professionals in their partner and satellite
offices. In most of these locations the presence is not a dedicated Viewpoint office but an agent who will
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usually have other products and services in their portfolio. One notable exception to this, is the Isle of
Man office headed by long term partner Dian Skelton, who is one of the most knowledgeable consultants
in the business. She has been instrumental in the success of Viewpoint in the UK Crown Dependencies.
The network of agents allows Viewpoint to get early notice of impending changes in regulation allowing
them to be much more proactive than their competitors in updating the software, particularly in relation to
new corporate forms.
Viewpoint offers two core products, Viewpoint Connect and Viewpoint Engage. Both products “integrate
to deliver the world's premier and most comprehensively featured entity governance and compliance
solution”, according to the Viewpoint website.
The secure cloud enabled solutions allow back and front office users, plus clients and intermediaries, to
connect and engage in every aspect of their entity management needs.
Viewpoint prides itself in its highly developed ‘out of the box’ solutions that can be quickly implemented
with preconfigured settings. The software includes large libraries of standard forms and workflows – the
largest in the industry.
Process automation is one of Viewpoint’s areas of expertise with RPA (robotic process automation)
starting to feature in their latest releases.
Viewpoint Connect (https://www.goviewpoint.com/connect)
Connect is available as either an on-premise or Cloud solution (using Microsoft Azure). It comprises of
eight highly integrated components which can be implemented individually or, for maximum benefit, as a
single unified solution that offers unparalleled scope and depth functionally.
∑ Entity Administration
∑ Document Management
∑ Practice Management
∑ Accounting
∑ Compliance & Risk
∑ Business Process Management
∑ Business Intelligence
∑ MDR & AEOI
Viewpoint Connect has been continually updated since its launch, with the latest major release (Version
8) due to be launched in early 2021. As well as an updated user interface, Version 8 has been completely
rewritten using the latest Microsoft development tools.
The priority for Viewpoint’s software development team is application security and the company prides
itself on being fully ISO 27001 compliant.
In addition to the on-premise or hosted versions of Viewpoint, it can also be purchased as Software as a
Service (SaaS). The SaaS offering is a fully managed service provided and managed by Viewpoint from
a multi-tenanted Azure cloud. This is ideal for organisations who don’t have their own internal application
support infrastructure.
Viewpoint Engage (https://www.goviewpoint.com/engage)
Engage is a web application that expands the scope of viewpoint significantly. This secure, highly
featured solution, seamlessly integrates with Viewpoint Connect to provide a client, intermediary and front
office servicing portal that is without peer comparison.
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Features include entity statutory information, extensive document collaboration, meeting management,
debtor information, online purchasing, timesheet entry, out of pocket expenses management plus entity
dashboards and user action based calendars.
However, the unique, stand-out feature is the Service Request functionality. Preconfigured service
requests are available for users to request for any action to be performed by the back-office. Extensively
integrated into the powerful Viewpoint BPM functionality, the requests are dynamically variable to meet
the most exacting needs of any client.
eFile Connect (https://www.efileconnect.com)
efileConnect is a cloud based, secure end-to-end AEOI process management & electronic filing solution.
eFileConnect manages the global requirements for both US FATCA and OECD CRS, as well as being
capable of any form of electronic filing. Recent developments of eFileConnect provide support for DAC6,
and Economic Substance.
It is extremely scalable; equally suitable for an entire remit of organisation sizes. For example, its multi-
tenant hosted architecture can provide a very cost-effective single user solution. Similarly, the same
technology can provide a state of the art internally hosted white label solution configured to reflect an
organisation’s own unique branding and corporate identity. Scalable to a practically unlimited number of
internal and external users.
A hybrid solution provides not only a secure online solution internally, but also to clients or outsourcing
partners as a cost effective yet potentially significant value adding and highly differentiating service.
Initially developed by the Viewpoint team to work as a complementary product to Connect, it is now
available as a standalone reporting solution for businesses using any back office administration system.
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2. CHALLENGERS
Vendors in this section are those who aspire to be market leading but either have software that lacks the
full capability of the market leaders, or who only serve a limited market. To be in the Challenger category
the vendor has to have the potential to achieve market leading status.
2.1 enSynergy (https://www.myenvisual.com)
enVisual360 is an integrated wealth management product from enSynergy, a UK based software house.
It has been developed from the ground up for fiduciary and wealth management businesses. Their main
development base is in Doncaster in the north of England, but they do have a number of local agents in
financial services hubs including the Caribbean, Monaco, Mauritius and Australia.
The product offers all the functionality expected of an integrated solution, including CRM and document
management. The product has been developed with a focus on AML compliance and includes an AI-
rules based alert system that operates seamlessly across the entire product. enVisual is a highly capable
system that is provided as an off-the-shelf solution that can also be customised, ideal for clients looking
for a semi-bespoke solution that can be customised to exactly meet their needs.
enVisual360 is available in two editions, Boutique which has a lower price point for small/start-up firms
and Enterprise for mid to large sized firms. enVisual360 is a client/server application that
is usually hosted on-premise; however, it can be implemented across private cloud platforms as well as
public cloud platforms such as Microsoft Azure or Amazon AWS.
enVisual360 is made up of the following optional modules, each can be licensed as and when required.
∑ CRM360 – contacts & compliance (this module is required)
∑ Administrator360 – company, trust and other entity type administration
∑ Documents360 – document and content management
∑ Accounting360 - which can be provided as a standard multi-currency/multi-ledger GL as well as
a professional edition including additional sub-ledgers (SL/PL, time WiP)
∑ Assets360 – Integrated investment ledger and precious assets.
∑ Process360 – custom business process workflow
∑ Wealth360 – interactive wealth dashboard
∑ enVisual AIR – customer web portals
2.2 Fusion Acusoft (https://fusionacusoft.com)
Fusion Acusoft is the product of a merger in summer 2020 between two long established Guernsey based
software businesses. Fusion Systems and Acusoft both offered software solutions to the international
finance market place for over 20 years. The combined business has a global and diverse customer base
encompassing over 150 significant customer relationships across 20 jurisdictions.
Fusion Acusoft design, develop and support fintech software solutions for financial institutions around the
world. Their two core products are integrated enterprise applications for Trusts and Company
Administrators, Fund Administrators and Pension Scheme Administrators. These products are known as
Acumen and Flyingboat Wealth Management System (fb-WMS).
Fusion Acusoft have also developed a range of complimentary products for particular requirements -
specifically Regulatory Reporting, (including FATCA & CRS tax reporting), Process Automation (like
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Payments and Crew Payroll), Risk Assessment and Review, and regulatory tools such as the Jersey
Registry API.
These complementary products can be integrated with Fusion Acusoft core systems or used with other
administration platforms and by financial services businesses in other sectors with similar requirements.
Acumen (https://fusionacusoft.com/software/trust-company-admin)
Acumen comes in three separate versions: Acumen for trust and corporate services; AcuFund for Fund
Administration and AcuPen for Pension Administration. All versions are based on a core .NET developed
application. Acumen has been very successful in its home market of Guernsey, with many smaller trust
companies using the software. However, they have demonstrated global capabilities, particularly with
one large multi-jurisdictional group of companies who rely on Acumen for all their ERP requirements.
Following the merger with Fusion and an injection of capital into the business, Acumen has the potential
to challenge the market leaders and one can expect further enhancement of the product and its
capabilities.
Flyingboat Wealth Management System (fb-WMS)
Flyingboat originated from Fusion many years ago and was a relatively successful product. It continues
to be developed and supported for its existing client base, which tended to be more geographically spread
than its sister product. In recent years the development of the front end of Flyingboat WMS appears to
have slowed down, with more effort going to the very successful regulatory reporting products. The new
Crew Payroll application is integrated with fb-WMS through an API based integration which Fusion plans
to use as the gateway for replacement of functionality within the current fb-WMS desktop providing
updated user experience.
fb-Tax Data Exchange (https://fusionacusoft.com/software/fatca-crs-reporting)
Flyingboat Tax Data Exchange is a CRS & US FATCA reporting tool for any size and type of financial
institution almost anywhere in the world, available as installed software or Reporting as a Service. Fb-
TDE was first developed in 2015 with a host of unique features including real time data validation, data
visualisation and on demand software update. Flyingboat Tax Data Exchange is an excellent workflow
based standalone reporting tool that also integrates to any core administration system through a
sophisticated inbuilt data integration module.
It is used by Banks, Fiduciaries, Investment Managers & Stock Brokers, Futures Traders, Fund
Administrators, Pension providers and other types of financial services business all over the world.
Updated annually, they’ve added more reporting options for generating alternative views of reporting data
for CRS Audit, reconciliation and other management purposes. They are also extending the automated
Correction and Amendment functionality, which is becoming increasingly important. Fb-TDE is used
some of the largest global fiduciary and fund administration groups as a single enterprise reporting
solution to allow consolidated and consistent reporting sourcing data from many underlying administration
systems.
fb-Jersey Registry Tools (https://fusionacusoft.com/software/jersey-registry-tools)
The launch of the digital Jersey Registry platform with API facilities to allow electronic interaction between
organisations and the Registry to perform filings, annual certification and other activities provides the
opportunity to make these processes more efficient and easier to perform with greater degree of control
and oversight than exists at present. The API functionality compliments the new My Registry Portal will
allow users to perform Registry filings through online form filing and similar processes.
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The new API services will open up new possibilities in the way that corporate standing data is managed
and processed within the financial services industry. Fusion Acusoft are bringing their experience of
delivering workflow based solutions that incorporate management, review, approval and authorisation of
data together with audit trail logging prior to submission of data to the Registry. The solution will work in
a standalone fashion with integrations to the Fusion Acusoft administration solutions as well as with other
vendor’s products.
AcuReview (https://fusionacusoft.com/software/risk-compliance)
AcuReview provides a flexible and efficient solution to running questionnaire based review process and
managing follow up points. AcuReview can be integrated with Fusion Acusoft’s own administration
solutions or used with other vendor’s products through a simple integration.
This versatile product eliminates manual forms, ‘control spreadsheets’ and cumbersome solutions for
managing follow up whilst providing objective, evidence based risk ratings. It is ideal where an
organisation lacks dedicated functionality in its own ERP / administration system.
2.3 PlainSail (http://www.plainsail.je)
PlainSail is a relatively new product from PlainSail Technologies, a small Jersey based software house.
It is a modern task-based system with a pleasing UI, designed on the principles of modern Microsoft
applications. It is fully integrated with other Microsoft applications and includes all the modules one would
expect in an ERP solution for the TCSP market. It even includes its own integrated document
management functionality, which is unusual for a product of this size.
Its main benefit is having everything fully integrated, e.g. accounting, bank reconciliation, compliance
data, document management, client, contact and investment management. The inventory system allows
users to create and configure bespoke data and reporting requirements. They have also recently
developed integrated workflow which should bring huge productivity gains as well as increased control
and compliance.
The architecture of PlainSail allows them to rapidly develop new features, which is evident from recent
developments in a relatively short timeframe with a small development team.
In terms of functionality, PlainSail is now mature and has the potential to become a good competitor to
TrustQuay or Viewpoint, hence its inclusion in this category. At the moment the company lacks the scale
to take on too many large clients at the same time. However, they do have a relationship with Channel
Islands IT services business, C5 Alliance who provide technical consultancy and project management for
PlainSail projects.
2.4 Salesforce / Comnexa (https://www.comnexa.co.uk/solutions/financial-
services)
Founded in 1999, Salesforce was a very early adopter of enterprise cloud computing and aimed to make
enterprise software as easy to use as Amazon. The company is widely credited with inventing the SaaS
business model (software as a service). The company initially focused on the sales force automation
sector (Sales CRM) but in recent years has expanded the product offering through a combination of
acquisitions (including ExactTarget, MuleSoft, Tableau, Slack) and through internal product development.
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Salesforce has a network of integration and consulting partners which they rely on to assist businesses
with implementing and adopting Salesforce. Based locally in Jersey and focusing on the offshore markets,
Comnexa is an accredited Salesforce systems integration partner.
The reason for including Comnexa in this category, as a ‘Challenger’ to the market leaders, is due to the
extensive capabilities of Salesforce as the core in a cloud-based suite of integrated SaaS products. This
suite of software provides the same capabilities as the market leaders, albeit in a different way.
Launched by Salesforce in 2015, Financial Services Cloud is an integrated platform designed to drive
stronger client relationships that last generations. Powered by Salesforce, Financial Services Cloud
makes it easy for advisors to deliver a concierge level of service with the personalised, proactive advice
clients expect.
In 2006, Salesforce launched the first enterprise AppStore in the world (even earlier than Apple). The
AppExchange empowers businesses to extend the functionality of Salesforce across every department
and industry. It is an ecosystem of over 5,000 ready-to-install solutions, 80,000 peer reviews, and 6 million
customer installs to help solve virtually any business challenge.
Some app highlights:
∑ Accounting Seed - Accounting Seed is a fully native Salesforce app that combines Accounting
and ERP for a complete business solution. Accounting Seed works with small, midsize, and
enterprise companies across the globe. It enables businesses to manage General Ledger, Billing
& Cash receipts, Accounts Payable & Cash Disbursements, PSA, Fund Accounting, and Project
Accounting on one platform.
∑ FinancialForce - FinancialForce enables businesses to combine front and back office systems
on one platform and is rated as one of the top cloud ERP software solutions.
∑ RiskScreen - RiskScreen enables you to integrate AML screening tasks for all of your prospects,
customers, leads and accounts directly into Salesforce. Consolidate your system stack and
reduce customer onboarding delays using next generation screening technology.
∑ CloudCoach - CloudCoach is a user-friendly project management solution for growing
businesses, allowing businesses to completely manage complex projects within Salesforce.
2.5 thewealthworks (https://thewealthworks.com)
WealthWorks+ is a new product from thewealthworks, whose other product, Troika is well established in
the market. This UK company has been around for over 20 years and has done reasonably well selling
Troika to UK accountancy practices and law firms for managing trusts and probate. They also had some
early success in the offshore islands with Troika, which is now forming a market for WealthWorks+.
The new product is entirely browser based but designed for on-premise installation with a SQL database,
though it can be delivered as a hosted option via a Private Cloud if required . Current clients are being
upgraded from Troika to WealthWorks+, which will give them referenceable customers. The company
sees an opportunity to take the lead in the second-tier market below TrustQuay and Viewpoint.
WealthWorks+ is a modern application which is easy to use and includes a good set of core features.
Thewealthworks is a capable business with a strong development team based in the south of England.
They have sales and implementation partners in the Channel Islands, Mauritius and Hong Kong.
Whilst most of thewealthworks customers are at the smaller end of the market, they do have one large
global corporate services provider using WealthWorks+ with over 400 users (and more to implement)
which demonstrates their capability to be in this category of ‘Challenger’.
© Solitaire Consulting Limited 2021 www.solitaireconsulting.com Page 9White Paper | Trust Administration and Corporate Services Software Guide 3. NICHE SYSTEMS Vendors and systems in this category are either fully functional ‘ERP-like’ systems that serve a limited market or they are vendors that only support a sub-set of functionality required by a TCSP. Also included in this category are products that are not actively being marketed, but still have a loyal following and continue to be developed and supported2. 3.1 Aviita (https://www.aviita.li) Aviita is a specialist IT company based in, and primarily serving, the Lichenstein trust and corporate services market. In addition to their core product, known as aviOne, they have developed a number of related solutions including aviFoundation, aviitaNX, aviitaMobile as well as bespoke solutions. Aviita is the market leader in Lichentstein with most fiduciary businesses using their products. aviOne is an overall solution for both international trust management and other financial services companies. The scope of services is modular, covering all areas of functionality for a typical TCSP business. Modules can be implemented on their own or into an integrated solution. Aviita is a Microsoft partner who develop customer-specific solutions based on their own framework and with state-of-the-art technologies. Each solution is tailored to each customer’s specific requirements. 3.2 BlueMeg (https://bluemeg.com) The BlueMeg Console is a cloud-based entity management and corporate governance software. API integrations with accounting, e-signing, compliance, CRM, government, and registrar solutions allow the system to act as the hub of a suite of integrated solutions. The BlueMeg Console enables users to interact and transact digitally, adding a new degree of efficiency, enforcement, and governance - all while decreasing the costs of doing business. The system is a collaborative tool that enables the secure sharing of company information and documents with authorised company stakeholders. This feature is valuable as it provides a unique customer experience to the clients of service providers. The BlueMeg Console is not purely a corporate services solution but can be used as an entity management system by any company managing multiple entities. The entity management features on the BlueMeg Console can be used by companies in any jurisdiction whereas the features that automate corporate actions are currently available for Singapore and Hong Kong companies. BlueMeg has ambitions to expand its horizons and offer its entity management and corporate governance solution to other parts of the world in time. 2Only systems known to the author are included in this section. There are likely to be other systems on the market that we are not aware of. © Solitaire Consulting Limited 2021 www.solitaireconsulting.com Page 10
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3.3 Companion (http://www.dpnsoftware.com)
Developed by DPN Software in the Isle of Man, Companion is typical of similar software products that
grew to support the rapid growth of the offshore trust and corporate sector, over the last 25 years.
Companion and its sister products from DPN provide a complete suite of products for managing trust,
corporate services and associated businesses. It is very strong in its home market but isn’t often seen
outside the Isle of Man.
3.4 Concept (https://cpsltd.ch/en/home)
Developed by Computer Performance Services Ltd of Nyon, Switzerland, the Concept suite of products
are designed for Trustees, Family Offices and Asset Managers. The solutions are developed in
Switzerland, but for new technologies, customers benefit from the support of their sister company in
Vietnam, Swiss-Hanoi Software Development JSC, who also act as distributers for Concept solutions in
Asia.
CONCEPT Trustee is a global solution facilitating integral management of entities such as trusts,
foundations, holdings, offshore and onshore companies. It is integrated into Microsoft Windows and
Office products.
The software consists of the following modules:
∑ Compliance / AML module including risk management, audit trail and a comparison with the
“black list” of most common jurisdictions
∑ Statutory Database (management of entities)
∑ Document generation module and document archiving.
∑ Time and tasks management
∑ Invoicing
∑ Financial / investment accounting
∑ Banking interfaces
∑ Custom reporting for securities and other assets
∑ Contacts management
CONCEPT Trustee is used by more than 60 customers and is installed in 15 countries. It is currently
available in French and English.
3.5 Diligent Entities (https://www.blueprintoneworld.com)
Diligent Entities (formerly Blueprint OneWorld) is one of the leading systems in the entity management
space. It has been around since 1986 but has recently reinvented itself with their modern cloud based
systems.
Designed as a system for large enterprises to manage their own governance and compliance
requirements, it can also be used for entity management / statutory reporting by TCSPs.
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3.6 GEMS (https://www.cgs-gems.com)
GEMS (or Global Entity Management System) is developed and sold by ComputerShare the global share
registry business. It is primarily a cloud-based system but does offer on-premise solution which is used
by about 25% of the their client base.
It has very good functionality for managing all types of legal entities, their corporate registers and
associated statutory requirements. However, GEMS doesn’t include any AML or other related fiduciary
functionality, including accounting, treasury and billing.
GEMS could be used solely as a global entity management system across a large fiduciary provider.
However, aside from the corporate forms and the management of complex structures, its functionality is
not substantially different to that offered by other providers.
3.7 Millogic (https://www.millogic.nl)
Millogic Software is a Dutch software house dedicated to software for trust businesses. Mill7 is the
seventh generation of software, initially produced in 1989. Millogic is an independent business with
several thousand Mill7 users. Most customers of Millogic are based, or headquarted in Netherlands,
Benelux countries.
Mill7 was initially a trust accounting solution, but over the years has been expanded to include all ERP
functionality including:
∑ Client accounting
∑ Internal accounting
∑ Time and billing
∑ CRM and compliance
∑ Content management system
3.8 Phoenix (https://www.phoenix.je)
Phoenix Systems is a Jersey (Channel Islands) based Company that has been developing and supplying
the Phoenix Trust Software system for the past 24 years.
Originally developed with the needs of offshore clients in mind, the system is well proven and fully
developed. The system has been improving in line with the changing needs of clients and regulatory
developments. Phoenix is developed on the .NET framework and currently runs both ORACLE and MS-
SQL databases. Phoenix is a versatile and well integrated package. The system is fully scalable; Phoenix
systems have been delivered to businesses with as many as 1,100 users, and as few as five.
3.9 Taskforce (http://www.taskforce.co.uk)
Taskforce has been providing software and consultancy services to the offshore financial services
industry for a total of 29 years. Clients range from the large multinational bank to small independent trust
companies, accountancy practices, family offices and specialist service providers. Founder and senior
software architect, Tim Benest, has been writing commercial software since 1980.
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Taskforce is incorporated in Jersey, but all services are now provided remotely from other parts of the
world. Taskforce has long been an advocate of open source software development with the core of their
technology stack being the Firebird SQL database management system. The Go Programming language
from Google as well as Ruby and Python are used in the system.
Although Taskforce is still being used by many wealth management businesses it does not appear to be
actively marketed or sold to new customers. It continues to develop, mainly to meet the requirements of
new regulations and reporting standards.
3.10 Wealtheeze (https://wealtheeze.im)
WealthEeze is a cloud-based software-as-a-service solution for trust and company compliance
management. It has been developed in conjunction with the foremost experts to address the specific
needs of trust and company compliance and management in the modern fiduciary world and to bring the
necessary tools and functionality required into a single environment.
The platform has been developed to serve the international markets and can be configured to comply
with the requirements of any regulatory body in any region.
Wealtheeze is unique in several ways. Firstly, it is a fully managed multi-tenanted, SaaS solution, but all
data associated with the legal entities is kept locally on the client’s own systems. Secondly, it is licenced
on the basis of the number of corporate entities (trusts and companies) rather than on the number of
users like most software solutions. Once the entity is established any number of users can be associated
with the entity and given access to the system. Finally, implementation is provided free, including
uploading data from other systems.
Wealtheeze is a fully functional administration and accounting platform and offers:
∑ Guided on-boarding of trusts
∑ Automatic generation of forms (currently limited to the market where it has clients)
∑ Pre-populated minutes and resolutions
The Wealtheeze platform includes an integration layer and process engine built using the BPMN 2.0
format. This enables users to be able to:
∑ Create BPMN diagrams and integrate them into your process engine
∑ Manage processes/tasks through a dashboard, view reports and/or error logs
∑ Built-in connectors for Salesforce, SAP, REST, SOAP, Google Calendar and many others
∑ REST API for triggering tasks from external systems
Wealtheeze is very new to the international market and has to establish a track record. However, they
are gaining a lot of interest in a number of jurisdictions.
© Solitaire Consulting Limited 2021 www.solitaireconsulting.com Page 13White Paper | Trust Administration and Corporate Services Software Guide 4. ECO-SYSTEM PRODUCTS3 4.1 3CEPS* (https://www.3ceps.com) 3CEPS is an innovative software development house that has taken the costly, manual process of inputting large amounts of data presented in varying formats and automated it. 3CEPS are data mapping experts. They have written and developed a unique software platform that simplifies the extraction of data from a document, whether a scanned image (i.e. tiff, gif, jpeg), pdf or electronic source (i.e. electronic banking flow). Its real value is for wealth management businesses who receive reasonably high volumes of bank statements, contract notes, valuations etc. in multiple formats. Due to the nature of the industry, many of these 3rd party providers are niche businesses that don’t have the capability to provide reports in industry standard formats or data streams. 3CEPS is able to ingest these data files (or scanned image) and create a data stream for processing into a core administration system. 4.2 BankClarity (https://www.bankclarity.com) BankClarity is a Jersey company with its development based in Swansea in Wales. It started out offering a middleware solution that sits between the WMP and banking platforms. This provides significant opportunities for straight-through-processing of all cash transactions with the opportunity for rule-based automated bookkeeping and reconciliation. More recently BankClarity have developed a treasury module for managing pooled bank accounts, an FX trading solution and a risk management / governance module. BankClarity has recently undergone a change in senior management with an influx of new people and skills. A new website is coming soon. 4.3 CaseWare (https://www.caseware.co.uk) CaseWare is a leading provider of FinTech solutions for accounting and financial statement production. In the TCSP market CaseWare is mainly used for financial statement production (in accordance with latest GAAP or IFRS standards). Typically, an interface from the client accounting system to CaseWare will be implemented. This exports the trial balance, ‘tags’ the ledgers, and produces the financial statements in the appropriate format. This includes directors report, income statement and balance sheet and notes to the accounts. Whilst many ERP systems include this functionality it isn’t always as comprehensive as that provided by CaseWare. 3 Systems/vendors marked with a * have a commercial relationship with Solitaire Consulting Limited. We may receive a referral fee or act as an implementation partner. We do not endorse or recommend any product in this section unless without fully understanding the requirements and potential use cases. © Solitaire Consulting Limited 2021 www.solitaireconsulting.com Page 14
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4.4 Centenal* (https://www.centenal.com)
Centenal is a RegTech company, headquartered in Singapore, providing digital operation and compliance
solutions for global wealth managers. Their vision is to help the wealth management industry to obtain
customer empowerment, and operational and compliance excellence through digitization and
automation.
The team at Centenal combines legal, compliance, wealth management and technical expertise to strive
for a comprehensive operation and compliance solution for Private Banks, Trust companies, External
Asset Managers and Family Offices.
Their core product is CRS Expert a data analysis package that uses algorithms written around global
CRS legislation to provide intelligence to compliance professionals. CRS Expert allows complex
structures to be analysed to determine the reporting requirements in each in-scope jurisdiction.
Solitaire Consulting are consulting partners for Centenal helping grow their offshore client base,
predominantly in the Crown Dependencies.
4.5 Cloud Accounting Systems
There are too many cloud accounting systems for inclusion in this review. Whilst most are generally
unsuitable as a client accounting system, this does not apply to the internal accounting requirements of
a typical TCSP.
Of particular note are AccountsIQ, QuickBooks Online and Xero. Of these AccountsIQ is better suited to
larger multi-currency fiduciary businesses that may have a consolidation requirement. AccountsIQ is
hosted in the UK, whereas the others are hosted from the US.
Also of note in this market is Wolters Kluwer who provide two solutions that are commonly used by
accounting businesses particularly in the UK and Europe.
∑ CCH - fully integrated central database of accounting software that can intelligently share
information wherever and whenever it’s needed.
∑ Twinfield – online accounting software easily manages all accounting functions, from invoicing
to management accounting – for the smallest startup to the largest international group.
4.6 Cygnetise* (https://www.cygnetise.com)
Cygnetise are a fast growing technology company based in London (UK), passionate about blockchain
and digital transformation. Since their launch in 2016, they have become a trusted provider to some of
the world’s leading financial and professional services organisations including PWC, BNY Mellon and
Vistra.
In 2020, they won the Enterprise Blockchain Award at the CityAM’s Crypto Awards. They were also
recognised as one of the world’s most innovative WealthTech companies in the 2020 WealthTech100
List.
Cygnetise uses the blockchain to digitise the process of managing authorised signatories, providing a
secure, flexible and cost-effective solution.
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