Banks and financial institutions (FIs) are gearing up to file the first Foreign Account Tax Compliance Act (FATCA) report due in March 2015 or such other date as specified by the applicable local authority. They are exploring options to develop and implement effective FATCA reporting solutions. Building bespoke solutions requires extensive domain and technology expertise, and a deep understanding of the compliance and regulatory requirements. TCS’ FATCA reporting framework enables FIs to develop and implement an efficient and extensible FATCA reporting system and ensure on time compliance with IRS / IGA reporting mandates.
Our FATCA Reporting framework delivers the following advantages:
- Extensive regulatory reporting experience: We have proven expertise in establishing, executing, and managing multiple regulatory reporting projects in diverse global jurisdictions within stringent timelines.
- Strong domain proficiency: Our FATCA Center of Excellence (CoE) offers in-depth domain knowledge and experience in providing FATCA consulting services and implementation support to leading banking customers.
- End to end service provider: Our long-standing experience in application development, implementation, system integration, and support ensures quick turnaround and cost efficiency of your FATCA program.
- Strategic consulting expertise: Our consultants have strategic consulting experience and in-depth technical expertise. Combined with hands-on operational implementation skills, we ensure that you realize value from the engagement.
FATCA reporting solution provides:
- A foundation model in the form of data dictionary for reporting requirements
- Common Interface Files (CIF) formats for data integration
- IRS mandated XML format output mappings/utility
- Data mart data model for FATCA reporting
These solution components are easily extendable to take care of:
- Country specific reporting requirements under the applicable IGA
- Global standard for automatic exchange of information on tax matters developed by Organization for Economic Co-operation and Development (OECD)
Other similar tax reporting requirements
- Faster development and simplified implementation: Deploy an effective FATCA reporting system quickly and efficiently, by leveraging the TCS FATCA reporting framework, along with customizable toolsets and an extensive knowledge base. Ensure quick turnaround, and save significant time and effort in developing and deploying your reporting solution.
- Timely and effective compliance: Reduce the effort expended in the analysis and design of your reporting solution, and ensure timely compliance with FATCA reporting requirements.
- Flexible and extensible reporting system: Create a reporting system that effectively utilizes existing systems and is easily extendable to take care of similar reporting requirements arising in future. Reduce your infrastructure investments and realize greater value from the FATCA reporting initiative.
- Superior reporting system: Minimize errors and reduce testing efforts by drawing upon our ready-to-use data dictionary and mappings.