How can you alleviate the burden of FATCA/CRS reporting requirements?
Posted: Tuesday 14 March 2023
All in all, your annual FATCA/CRS reporting process can be pretty difficult and resource-heavy, but it doesn’t need to be - implementing a robust FATCA/CRS software solution can save you hours, £s and the headache of re-submitting corrected data.
TDE - Tax Data Exchange is a software tool developed by Vega Technology to help Financial Institutions with global operations comply with FATCA/CRS requirements.
Software installed in your business.
Whether you generate reports for thousands of accounts, or just a few, TDE is an easy-to-use system that simplifies the reporting process, enabling your team to insert, import and manage data seamlessly. It’s available as an online application or installed on site and directly interfaced with your core administration system.
Multi jurisdiction support & instant software update.
We all know that different jurisdictions have their own specific reporting requirements, and these are ever evolving. Staying on top of these changes and understanding the nuances between Cayman and St Kitts’ data needs can be onerous, but that’s no problem for TDE. It operates on a rules-based system, so any updates can be implemented at the tap of a keyboard.
Keep pace with regulatory updates.
FATCA/CRS is an exhaustive and evolving regulation, with the finer details of the legislation often escaping even the savviest Reporting Officer, so remaining compliant can be tricky. But your yearly reporting requirements can be made so much easier with our automated solution.
TDE is supported by responsive online or in-person support, extensive training and how-to guides, to ensure your reporting process is seamless, leaving you to rest easy knowing all is in hand.
Don’t leave yourself open to long nights at the office, a pile of to-be-corrected reports and a possible late submissions penalty, contact us for a free demo.
Seeing the software in action is the best way to understand how it works. Click here to book a call
Summary
If you need to meet FATCA/CRS reporting requirements, TDE can help you by:
Enabling the creation of reports which meet the requirements of more than 20 jurisdictions, with further jurisdiction support constantly being added.
Clearly defining the information which should be provided in reports.
Accommodating report sizes ranging from one to tens of thousands of reportable accounts.
Consolidating reportable accounts into one database and automatically dividing them into the required FATCA and CRS xml reports.
Validating data against the specific requirements of each jurisdiction.
Performing automated conversion into XML reports for submission.
Producing further analytical reports to help you validate the content you can submit.
Supported by extensive training documents, and personal support.
