21 January, New York. Banking Decision Sciences and Regulatory Compliance pioneer iCreate has announced a comprehensive, ready-to-deploy solution to help Banks effectively address their FATCA compliance challenge. Fintellix for FATCA Compliance’ is a single comprehensive platform to track / report the FATCA status of customers and enable a seamless flow of information from the Bank to the regulatory authorities, with an emphasis on Data Quality, Data Integrity and Data Governance.
‘Fintellix for FATCA Compliance’ is a productized solution built by iCreate’s Banking Data Scientists with extensive knowledge of the Banking domain and FATCA regulations. With a short implementation cycle and requiring minimal customization, the solution has been specifically engineered to help Banks and Financial Institutions achieve compliance quickly at low TCO. ‘Fintellix for FATCA Compliance’ easily integrates with the banks’ existing systems with minimal changes and is also scalable and extensible to comply with current reporting changes and future regulatory mandates.
Innovative features, such as the ability to analyze customer data and prompt for missing data necessary for FATCA compliance, ensure that immediate FATCA requirements are addressed well. ‘Fintellix for FATCA’ solution also features a Customer Document Management Module, Enhanced KYC for FATCA compliance, Customer Classification, Tagging & Alerts, FFI Data Management, Transaction Data Management, Withholding Tax Calculation and API for recalcitrant customers. Future-ready features, such as a fully configurable Rules Engine, ensures that the solution is always ready to help the bank respond to evolving regulatory norms.
‘Fintellix for FATCA’ Solution: Key Differentiators
Speaking on the occasion, Anup Pai, COO, iCreate said, “We felt the banks require a solution that would help them focus on their business / growth priorities while complying effortlessly with regulatory requirements, such as FATCA. Fintellix is product born from our experiential knowledge of the intricacies of banking data and best-of-breed analytical and reporting technologies. I am delighted that we have been able to develop a comprehensive product that not only addresses the tactical FATCA challenge, but also provides a future-proof platform for strategic compliance management”.
FATCA (Foreign Account Tax Compliance Act) is a part of the 2010 Hiring Incentives to Restore Employment (HIRE) Act, to combat tax evasion. FATCA requires US citizens, including individuals who reside outside the US, to report their financial accounts held outside of the US, and requires Foreign Financial Institutions (FFIs) to report to the IRS about their American clients. FATCA is of high priority for banks today, as non-compliance could attract heavy penalties. Banks are required to maintain customer classification as defined by the act and maintain a repository of supporting documents including tracking mechanism. Failure to comply could result in severe penalties, up to a 30% withholding tax on US source income. Banks also require to obtain and maintain an updated list of compliant institutes provided by IRS; prepare and submit US account holder information to the IRS. The deadline for registration with the IRS is 25 April 2014, after which a withholding tax of 30% would be applicable from 1 July 2014. Reporting for FATCA will begin from 31 March 2015. www.irs.gov/fatca
Headquartered in Bangalore, India with offices in Asia Pacific, South Africa, the Middle East, Europe and the US, iCreate is a global Banking Decision Sciences leader that works with banks worldwide to enable faster, better decision making. iCreate’s enterprise-grade BI, Analytics and Performance Management solutions integrate seamlessly with Banking systems and delivers a fully functional Decision Enablement System running in a fifth of the time when compared to conventional alternatives, at the lowest TCO and with advanced solutions in areas such as Retail Banking, Corporate Banking, Analytics 360, etc. iCreate currently has over 35 progressive financial services institutions across 11 nations as customers. iCreate is funded by venture capital majors Sequoia Capital and IDG Ventures to accelerate market expansion and boost product innovation efforts. http://www.icreate.in/us/fatca
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