The new compliance-tool called FATCA Gateway would help any financial institution in complying with the new regulations while incorporating the existing QI (qualified intermediary) reporting process in one single application.
Apart from ensuring high quality data in the reports produced, FATCA Gateway would also cover all queries and requests received from the customer or from the IRS after the reporting have taken place, claims the company.
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According to Swissrisk’s product release, "FATCA Gateway enables the extraction and management of key data from internal and external systems in order to facilitate timely and accurate FATCA reporting as well as notification advices to clients".
Clive Assender, product manager at Swissrisk Financial Systems, said, "Initial notices from the IRS proposed radical and far-reaching reforms to the US tax reporting process placing extreme demands upon the organizations deemed to have to comply. Although recent indications suggest a more moderate implementation approach over a longer timeframe, there is a definite need now for financial institutions to deploy a solution such as FATCA Gateway that can take the burden of FATCA reporting away from their core systems."
The new solution will be marketed through Swissrisk Financial Systems and its parent company, Dion Global Solutions’s network of offices covering Europe, Asia Pacific, India and the Middle East.
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