Enterprise Integration is key to efficient Business as Usual AEoI Tax Reporting

Guernsey, 10th October 2017

The key to achieving efficiency in US FATCA and CRS reporting is by embedding it into Business as Usual processes writes Alan Rowe, Director of Guernsey based Fusion Systems, the company behind Flyingboat Tax Data Exchange.

The challenge to this is that many enterprise systems simply have no facility for supporting the requirements of the AEoI reporting regime, or do not have sufficient flexibility to meet the organisations needs. Variations to the standard AEoI schemas by differing Tax Authorities around the world pose further complications for those with multi jurisdiction reporting requirements.

Fusion have addressed these issues with the release of their of the 2018 version of Flyingboat Tax Data Exchange that features an integration module enabling the system to connect to, and extract data directly from host systems alleviating the challenge of laboriously extracting the data and manually manipulating it to a format that can be used as a source for reporting.

Mr Rowe added "Eliminating inefficiency in the reporting process is a key focus of our continuous product improvement program and this goes hand in hand with listening to users and anticipating the market requirements. Some of the resulting improvements might be quite simple, others - like the integration module are more complex but they are key to offering a rounded and versatile solution to meet the needs of different types of financial institutions around the world."

About Fusion Systems
Founded in 1992 Fusion Systems supplies integrated accounting and trust and company administration software solutions to fiduciaries, family offices and other similar organisations in the wealth management sector. In 2015 the company introduced Flyingboat Tax Data Exchange a single / multi RFI AEoI reporting tool for US FATCA, UK CDOT and CRS reporting. Available as enterprise software and an outsourced service the software has proven established a proven track record across many jurisdictions for numerous financial institutions.
www.flyingboat.software