CRS Services – Excel (XLS or CSV) to XML conversion
With the advent of Common Reporting Standards (CRS) under the OECD’s Automatic Exchange of Information (AEOI) project, many firms are required to update their systems or implement new systems to facilitate CRS reporting in a format compatible with the OECD’s AEOI XML schema. As a result, CRS Services – Excel (XLS or CSV) to XML conversion services is something many reporting Financial Institutions (FI’s) are seeking.
OECD schema
Part of the technical solution to support the implementation of the CRS is a schema in extensible mark-up language (XML) that allows the reporting of information under the CRS in an IT-based and standardised manner. A schema is a data structure for holding and transmitting information electronically and in bulk. XML is commonly used for this purpose. This User Guide explains the information required to be included in each CRS data element to be reported in the CRS XML Schema v. 1.0. It also contains guidance on how to make corrections of data items within a file that can be processed automatically. (refer here for the OECD’s schema)
Charter Group’s CRS services
What can we do to help? Well, at Charter Group, we offer CRS Services – Excel (XLS or CSV) to XML conversion so that FI’s can comply with their reporting obligations in an effective and cost efficient way. Click here to contact us to find out more.