Swiss Life chooses “FATCA Profiler” to accomplish the requirements of FATCA.

Zürich - 26 June 2013

Swiss Life Group is one of Europe's leading comprehensive life and pensions and financial solutions providers. They are the first Swiss customer to use the “FATCA Profiler” developed by SwissBytes.

Also, many countries in Latin America and Europe have showed interest in the FATCA Profiler tool. They are doing internal analysis to make a final decision.

FATCA (Foreign Account Tax Compliance Act) mandates a due diligence screening of each existing customer of a financial institution for 7 US indicia. If one of these indicia is positive or the net value of the client is greater than USD 1 Mio, the institution must demand additional information from the client. This whole process is very complex, involves many people and is very time-consuming. In order to keep the existing client review efficient and concise, SwissBytes has developed the FATCA Profiler that is implemented according to IRS specifications.

Michel Bucher, FATCA Project Leader of Swiss Life says: "From the first presentation on we were highly impressed of the simple and efficient approach the FATCA Profiler provides. During the evaluation process SwissBytes supported us in a very professional way. FATCA Profiler is an elaborated product of a very high quality. We of Swiss Life are convinced that it is the right solution to solve the FATCA diligent review topic."

Marius Lang CEO of SwissBytes: “We are pleased to have Swiss Life as our first customer in Switzerland to use our FATCA application. The FATCA Profiler enables all the Financial Entities to fulfill the required FATCA tasks that have to be completed in 2013 in a focused and economic way. We are sure that in the next months, Latin American and Europe Financial Entities will also decide to use our application.”

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