Asseco FATCA&CRS is a system included in the Asseco Integrated Analytical Platform (Asseco IAP) which allows efficient handling of processes in the area of Compliance.
Asseco FATCA & CRS allows financial institutions to meet legislative requirements concerning the exchange of tax information between countries. It allows quick identification, storage and analysis of data about all accounts which are subject to the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS). On the basis of stored information, the tool generates a report which is crucial for tax purposes.
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The process of qualification of customer’s accounts for reporting is based on data from external systems, containing basic information about the customer, his or her accounts and relationships with other entities. The solution uses also additional data stored by the employee during the analyses which were registered at the application level.
Processes automatization
Asseco FATCA & CRS ensures access to a dedicated repository of data which is subject to automatic verification based on business rules. Its use allows the identification of premises indicating the tax residence of the customer. The system automatically creates the case for the customer who should be qualified for further analysis.
Efficient reporting
The solution ensures the possibility to generate reports in accordance to FATCA and CRS requirements. Reports can be created in the test version which allows the further verification of data, and in the event of identifying a discrepancy, it allows to correct them.
Data correction
The system was equipped with a mechanism enabling the making of changes to the report for previous reporting periods. Types of performed corrections were parameterized in such a way that the structure of the correction report file complies with the imposed legal requirements.
Key advantages
Reduction of costs connected with the handling of the reporting process.
Efficient meeting of requirements set by the regulator.
Complying with the current legal status.
The possibility to adjust the system to the current and future needs of the institution.
Freedom to add new functional areas to the solution.
Technology stack
Programming languages and main frameworks
JAVA, ZK
Application servers
WildFly/JBoose
Database
Oracle
Integration standard
DB2DB, File, Web Service
Web browsers supported
Google Chrome, Internet Explorer, Mozilla Firefox
Contact
We are waiting for your questions
If you have questions regarding the implementation of our solutions or would like to seek advice in the area of Compliance, please write to us:
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