New Feature: New FINTRAC (GEN-2) EFT Reporting

If you're a Money Services Business or Brokerage, you know how important regulatory reporting and compliance are.

Kooltra customers can now report to FINTRAC seamlessly and compliantly under its new EFT reporting requirements.

Overview

We recently updated our platform to facilitate compliant EFT reporting to FINTRAC per its new requirements that went into effect in June 2024.

Key Changes to EFT Reporting

Overview of APIs

Aside from business logic changes, FINTRAC has also migrated to a REST API and JSON schema (i.e., mapping) for EFTR, STR, and other reports.

This API replaces existing CloudMask technology and should provide a more reliable reporting infrastructure going forward.

The EFTR REST API schema contains 300+ fields and is designed to be used in all possible reporting cases (i.e., 24-hour rule reports and 10k+ reports).

FINTRAC has provided a few examples of the report structure here.

Kooltra’s Solution

As part of our phase 1 release, Kooltra has implemented new reporting interfaces as well as managed API connectivity with FINTRAC.

As a result of our FINTRAC upgrade, Kooltra customers can:

• Identify transactions and auto-generate reports based on the 24-hour rule or the 10k+ rule
• Easily complete all new reporting requirements, including disposition types, entity identifications, and contact-account relationships
• Achieve full auditability of activity, including error logs, approvals, etc.
• Simply understand which fields in Kooltra are reported to FINTRAC without knowing the JSON mapping (we handle the hardest part!)
• Bulk report transactions to FINTRAC

Get started with Kooltra

Your clients, your partners, and your growth — powered by Kooltra.

Kooltra is a worldwide leader in end-to-end foreign exchange and global payments infrastructure. The Kooltra Core Platform empowers financial institutions with scalable technology that accelerates revenue growth, reduces operating costs, streamlines compliance, and automates regulatory reporting.

Kooltra brings employees and customers together on a single cloud-based platform, giving each department a transparent view of the customer and transaction lifecycle and providing reassurance in your operations.

Ready to learn more? Book a strategy call with our team.