iCreate, has entered into a strategic alliance with Convey Compliance Systems, a tax information reporting company to help banks comply with FATCA.
The alliance enables financial institutions to identify FATCA-impacted accounts and effortlessly manage their reporting and withholding obligations, with a best end-to-end solution.
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Fintellix FATCA Compliance system from iCreate has been designed to run business regulations on consolidated enterprise data and extract reports, analytics and regulatory formats to determine FATCA-impacted accounts.
iCreate COO Anup Pai said: "This partnership would be of tremendous benefit to global Financial Institutions, as well as to regional Financial Institutions that have a substantial US/OECD customer portfolio as they prepare for FATCA compliance as well as the looming CRS guidelines."
Vice president of Alliances at Convey, Jon Paradis, said: "Merging these capabilities with Convey’s knowledge and expertise of US tax information reporting and withholding provides a compelling solution for global banks to address their current and future tax compliance challenges."
The partnership is expected to help in accelerating the FATCA compliance initiatives of global banks.
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By GlobalData
