Oracle’s financial services unit has launched a solution aimed at helping financial services institutions (FSIs) prepare for the supranational US Foreign Account Tax Compliance Act (FATCA) provisions that will begin to go into effect in 2014.
The group said that the new solution for account holder on-boarding and categorisation, due diligence and reporting will help FSIs streamline processes for immediate as well as long-term compliance with FATCA, while minimising impact to their existing information technology infrastructure. It consolidates FATCA-specific data in a single repository to provide an enterprise-wide view of customers and enable banks to centrally manage the compliance process.
“With FATCA slated to begin to go into effect 2014, FSIs around the globe realise they must begin to take action now to prepare for compliance,” said S Ramakrishnan, group vice president and general manager, Oracle Financial Services Analytical Applications. “They are looking for solutions to streamline the compliance process with minimal impact on their existing IT environment.
“Oracle designed Oracle Financial Services Foreign Account Tax Compliance Act Management to these exact specifications, using Oracle Financial Services Analytical Applications Infrastructure, a common data model, and best practice capabilities to facilitate short- and long-term compliance.”