Information Technologies Solutions and Services (ITSS) is experiencing more and more demand for its FATCA solutions worldwide.
Foreign Account Tax Compliance Act (FATCA) imposes foreign banks and financial entities to disclose any information on their U.S. account holders to the U.S. Internal Revenue Service (IRS); or face a 30% tax penalty on income from U.S. financial assets.
Therefore FATCA has a huge impact on banks, Insurance companies and other financial service providers, and affects a whole line of business instruments.
The Swiss T24 leading company ITSS had to address FATCA issues with a reliable and easy-implementable solution for its T24 customers all over the world.
As a result, ITSS developed a highly effective and flexible FATCA package based on 5 pillars:
- Identification of U.S. individuals and entities matching Indicia of U.S. Status
- FATCA-amputated track payments
- Computation of FATCA-amputated average monthly balance
- Account entries in core banking system
- FATCA reports production
ITSS offers three options to generate standard FATCA reports.
The first and best option is a FATCA package fully integrated with ITSS' T24 dedicated reporting tool. This way the T24 bank can automatically generate standard FATCA reports (on withholding payment for the current year, US accounts, recalcitrant customers, closed U.S. accounts, etc...) in no time.
In case the bank decides to go for an external FATCA solution, ITSS can still provide with the required interfaces and integrate it with T-Reporting with which FATCA reports are generated.
In case the bank decides to use another reporting tool, ITSS will integrate the former and make all the necessary developments and configurations within T24.
In any case, complying with this new law is almost mandatory for all the banks.
ITSS’s FATCA solution can assure your bank can comply on time.