Foreign Account Tax Compliance Act (FATCA)
Designed to meet the requirements of Tax and Compliance professionals. Temenos FATCA module helps Foreign (Non-US) Financial Institutions (FFIs) of all sizes reduce risk and improve profitability whilst safeguarding regulatory compliance.
Why Temenos FATCA
Temenos FATCA solution provides a fully integrated modular product solution to help firms address the challenges of FATCA with a comprehensive solution for all aspects of due diligence, reporting of US accountholders and withholding. Reports are provided in the standard US Inland Revenue Service (IRS) format.
Fully automated complete Foreign Account Tax Compliance Act (FATCA)
Solution enables users to automate the entire FATCA process from Client Identification, due diligence and reporting in line with Inland Revenue Service (IRS) requirements.
Exhaustive & detailed due diligence process
Examines existing accounts to determine reportable accounts and client classification including beneficial owners of entities by reviewing client characteristics and processing self-certification questionnaires
Sophisticated solution supporting Withholding Tax processing and IRS submissions
Extensive capabilities for provision of capture and application of withholding tax for recalcitrant and non-participating account holders and generation of xml reporting format required for submission to the U.S. Inland Revenue Service (IRS)
Replace manual processes and reduce costs of compliance
Remove inefficiencies associated with manual processing helping banks better serve their customers and reduce the headline costs associated with compliance processes.
Leading-Edge Technology
Built on Temenos Core, it provides scalable, highly performant, best in class capabilities. Including advanced API-first technology which empowers banks to rapidly innovate, connect to ecosystems and enable developers to build their own connectivity or apps.
Product Overview
Temenos FATCA fully automated end-to-end solution designed to provide Tax, Compliance and Back Office operations teams with an efficient cost-effect process for reporting the financial account information of account holders identified as US tax residents.
The Temenos solution for FATCA comprises the distinct components in line with the main tasks firms need to support them in meeting their FATCA obligations:
- Module 1 handles the Client Identification and Due Diligence procedures
- Module 2 provides the Reporting component in line with IRS schema definitions according to the regulation’s timelines
- Module 3 enables application of Withholding taxes to the Financial Institutions non-participating or recalcitrant account holders
Supporting Products
Temenos Common Reporting Standards (CRS)
Designed to meet the requirements of Tax and Compliance professionals. The Temenos CRS modules help financial institutions of all sizes reduce risk and reduce costs associated with manual compliance processes.
Temenos Regulatory Compliance
Address fraud, remain compliant with regulations and manage risk with our modular products.
International Financial Reporting Standard 9 (IFRS 9)
The IFRS9 standard became effective since 2018 as a replacement of the previous IAS39 standard following the financial crisis of 2008.
Temenos Regulatory Maintenance
Temenos Regulatory Maintenance allows our clients to enjoy certainty that regulatory compliance and key market standard changes will be applied to their Temenos solutions. It assists and accelerates the pace at which banks can implement the required software changes in a timely manner, that result from the ever-shifting regulatory environment.
