OnReporting is a dedicated solution for managing ZAFI (alternative investment fund managers) and AFI (alternative investment fund) report-generation in the XML format. The requirement to produce such reports has been placed on investment funds following the recommendations made by the Financial Supervision Authority [Komisja Nadzoru Finansowego: KNF] for changes in the law on investment funds and the management of alternative investment funds. The new rules adapt Polish law to European Commission Delegated Regulation no. 231/2013, which obliged all ZAFIs (alternative investment fund managers) in all EU member states to produce periodical reports with the purpose of increasing the risk monitoring done by these funds as well as the transparency of their investments.

More than three-hundred items of information are required to complete an AFI file and, depending on the type of fund or investment policy, they come in twenty or more possible versions. In turn, to complete a ZAFI report, thirty-eight items of information need to be collected based on aggregated data from AFI reports. To complete the whole report, it is necessary to answer more than forty questions, each of which requires precise analysis and calculation. It is an inordinately time-consuming business and that is why it is worth automating it, said Bartosz Czyż, who manages the development department for the OnReporting application at Onwelo.

Investment funds can, for example, take advantage of the OnReporting Converter to import automatically completed ZAFI and AFI reports, to check the technical correctness of the data inserted in them, and to convert them to XML format in accordance with the ESMA (European Securities and Markets Authority) specification. For reporting to be fully automated, the application must be integrated with the sources of the data for generating the reports, which are the investment funds’ own systems. This functionality is provided by the OnReporting Creator module.

Along with its software, Onwelo offers a comprehensive data-analysis service that produces completed AFI and ZAFI reports. The service is rendered by a team of Onwelo specialists with long experience of report generation and supporting financial-sector companies. Customers using OnReporting also gain access to maintenance support and a service that offers continuous adaptation of the software so that it remains compliant as the rules change.

OnReporting can either be installed on the server as part of the investment fund’s hardware infrastructure, or used according to the SaaS model. It is worth remembering that Onwelo specialists also provide additional services, such as security audits following implementation of the Financial Supervision Authority (KNF) guidelines, periodical audits, and management of the customer’s entire software and hardware infrastructure.

OnReporting is a part of the OnFinance platform, which is a complete Onwelo solution for automating financial and management reporting. Apart from investment-fund reporting in accordance with the new rules, the platform can also automate areas such as tax reporting in the form of SAF-T files.