Tech mahindra
Tech mahindra

Solutions

As per the Foreign Account Tax Compliance Act (FATCA), non-US Foreign Financial Institutions and US withholding agents have to report financial activities of US taxpayers to the US Internal Revenue Services.

This mandate poses difficulties for companies given the problems of:

  • Lack of unique customer data across line of business
  • Discrete systems
  • Strict deadline for enforcement
  • Complex regulation

We enable banks to overcome these challenges with its dedicated FATCA practice that has the capability for identification, validation, withholding and reporting based on FATCA norms. We provide:

  • Standalone system to populate data across LOBs
  • Off-the-shelf solution that reduces deployment and adoption cycles
  • Plug-and-play solution that easily interfaces with various systems
  • Strng trained resource pool to decode complex requirements

Along with the FATCA solution, we have invested in building the FATCA Center of Excellence (CoE). This center includes:

  • Dedicated FATCA SME
  • Data Analysis & Logical/ Physical data support
  • Tools for FATCA Impact Analysis on client on-boarding ecosystem
  • UAT/ SWAT Testing
  • Project/ Program Management templates
  • Process Consulting (Trained pool of business analysts ready for deployment)

In addition, we have invested with Dion Global Solutions in building FATCA TRAC, a product designed to speed up the implementation of the changes for FATCA. FATCA TRAC is a one point solution for FATCA compliance and has the following features:

  • Compliance checks
  • Integration into SWIFT payment gateway or internal payment system
  • Client data Management & FATCA eligibility and Withholding Tax Management
  • Reporting to the IRS, fiscal authorities clients and regular MIS
  • Service layer to receive and send data to internal systems such as KYC or core processing systems
  • FACTA-TRAC is built using X-Gen, a financial EAI messaging framework which provides a full set of functions and modules to perform any kind of integration task (connectivity, message handling, transformation, routing, orchestration, business work- flows, user intervention).

With our FATCA solutions, companies enjoy following benefits:

  • Can be deployed by module based on FATCA phases to avoid redundant costs and efforts
  • Comprehensive set of features that includes FATCA Program Management, Client/Counterparty Data
  • Checks, Data Validation, Withholding Tax calculation and IRS/Tax Body & Client Reporting
  • Integration of cutting-edge FATCA solution with various core systems across multiple geographies and LOBs for unified compliance
  • Ability to be FATCA compliant without substantial changes to existing systems and processes by quickly integrating source systems

Downloads

Cost of ownership on Data Management

Cost of ownership on Data Management
For further information please write to connect@techmahindra.com

For further information please write to connect@techmahindra.com