The US is just the first jurisdiction requiring FFIs to report client account information, similar laws are already being passed in China, the U.K. and in other countries all over the world.
Ottawa, Canada (PRWEB) January 22, 2015
Vizor, the leading regulatory supervision software provider, today introduced new features that help Tax Authorities meet their Foreign Account Tax Compliance Act (FATCA) obligations as well as provide support for Automated Exchange of Information (AEOI) with one, out of the box solution. Chief among these is the ability to automatically exchange information with the 98 other jurisdictions becoming operational in 2016 and beyond.
“The US is just the first jurisdiction requiring Foreign Financial Institutions (FFIs) to report client account information, similar laws are already being passed in China, the U.K. and in other countries all over the world” said Conor Crowley, Managing Director and Co founder of Vizor, the provider of Vizor for FATCA & AEOI. “Tax Authorities that do not implement a fully-automated technical solution to comply with the OECD’s global standard for AEOI are going to find themselves continually pulled away from their primary functions, and spending more and more money, as system maintenance quickly becomes overwhelming.”
Vizor for FATCA and AEOI Feature Highlights:
- Financial Institution self-registration and account creation.
- Tax Authority monitoring and approval workflow for Financial Institution registration.
- Financial Institution upload facility for FATCA and CRS data in XML format, as well as manual data entry via web forms for smaller and less sophisticated FIs.
- Extensive validation of FATCA and CRS data, including validation against XML schema, validation against account information, GIIN validation, and many additional business rules such as those specified in the “FATCA XML version 1.1 User Guide”.
- Configuration options for running in “fully automated” mode so that little or no manual interaction with the system is required for the Tax Authority.
- Localization support including right to left languages such as Arabic.
- Integration with existing data, such as a domestic taxpayer database to enable record matching.
New Features Provide Significant Benefits to Tax Authorities:
- Meet Commitments: Meet FATCA and future AEOI commitments with one, out-of-the-box solution.
- Reduce Costs: Vizor for FATCA is a cost-effective solution for Tax Authorities – most solutions built in-house significantly underestimate scope, cost, and complexity.
- Save Time: Vizor’s solution can be implemented quickly and efficiently allowing Tax Authorities to easily meet FATCA timelines and deadlines.
- Peace of Mind: Vizor Software is proven, secure and trusted technology, implemented across the globe for the collection of highly sensitive data from Financial Institutions.
- Operational Efficiency: The Vizor solution can operate in a ‘fully automated mode’ requiring minimal manual intervention, guaranteeing resources are free to focus on core business priorities.
Vizor also offers a free, live, online, tailored demonstration of the software. To learn more about Vizor for FATCA & AEOI and review all of the new features, visit the Vizor website, and follow Vizor on Twitter and LinkedIn.
Since 2000 Vizor Software has been the standard for financial regulatory technology. Leading the way in regulatory supervision software, Vizor is trusted by Central Banks and Financial Regulators from around the globe for the collection and validation of highly complex data from Financial Institutions. Serving the needs of financial regulators in more than 20 countries, Vizor is a trusted partner of large consulting firms and leading XBRL toolset providers. Employing a collaborative, agile approach to implementing regulatory solutions, Vizor simplifies and strengthens financial regulation systems. You can learn more and visit Vizor at http://www.vizorsoftware.com or by following Vizor on Twitter, LinkedIn, Google+ and Pinterest.