iCreate, Convey team up for FATCA solutions
New York, May 6, 2014
Banking analytics, risk and compliance pioneer iCreate has announced a strategic partnership with tax information reporting leader Convey Compliance Systems to help global banks accelerate their FATCA compliance initiatives.
Foreign Account Tax Compliance Act (FATCA) is a US statute that requires Americans, including individuals who live outside the US, to report their financial accounts held outside of the US, and requires foreign financial institutions to report to the Internal Revenue Service (IRS) about their American clients.
Bangalore-based iCreate, which has a track record in banking data aggregation providing analytics, risk and compliance solutions has teamed up with Convey, a company with 28-year track record in tax information reporting to bring the global marketplace a solution that is end-to-end and best-in-class for helping financial institutions identify FATCA-impacted accounts and seamlessly manage their reporting and withholding obligations.
iCreate's recently launched Fintellix FATCA Compliance system integrates seamlessly with core banking systems. Fintellix has the ability to run business regulations on consolidated enterprise data and extract reports, analytics and regulatory formats to determine FATCA-impacted accounts, a statement said.
Convey’s Taxport platform then applies the appropriate FATCA rules, generates the returns, and transmits the data from the bank to the submitting authority or to the IRS, depending on the bank location and current IGA status. This seamless “end-to-end” data solution also provides tools to manage the withholding and remittance of payments on recalcitrant accounts. With the combined solution, banks can rest assured that they have the tools they need to efficiently deliver timely and accurate FATCA compliance reporting.
Speaking on the occasion, Anup Pai, COO, iCreate, said: "We are delighted to partner with a category leader such as Convey with their close to three decades of specialised expertise in compliance reporting. This partnership would be of tremendous benefit to global Financial Institutions, as well as to regional Financial Institutions that have a substantial US/OECD customer portfolio as they prepare for FATCA compliance as well as the looming CRS guidelines."
Jon Paradis, vice president of alliances at Convey, added: "We are equally delighted to partner with iCreate who has a deep understanding of banking compliance and a robust compliance platform. Merging these capabilities with Convey’s knowledge and expertise of US tax information reporting and withholding provides a compelling solution for global banks to address their current and future tax compliance challenges."
With an impressive joint list of clients, iCreate and Convey have already helped to improve compliance challenges for a significant number of banking organizations in North America, the UAE, Oman, Saudi Arabia, Kuwait, Nigeria, Kenya, Ethiopia, Ghana, South Africa, Philippines, UK, Indonesia, Mauritius, Singapore, Hong Kong and India. -TradeArabia News Service