Foreign Account Tax Compliance Act (FATCA)

Designed to meet the requirements of Tax and Compliance professionals, the Temenos FATCA module helps Foreign Financial Institutions of all sizes reduce risk and improve profitability whilst safeguarding regulatory compliance.

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A fully integrated modular product solution to help firms address the challenges of FATCA.

Explore our comprehensive solution for all aspects of due diligence, reporting of US accountholders and withholding. Reports are provided in the standard US Inland Revenue Service (IRS) format.

Fully automated complete FATCA

The Temenos FATCA solution enables users to automate the entire FATCA process from client identification, due diligence and reporting in line with Inland Revenue Service (IRS) requirements.

Exhaustive and detailed due diligence process

The FATCA solution examines existing accounts to determine reportable accounts and client classification including beneficial owners of entities by reviewing client characteristics and processing self-certification questionnaires.

Sophisticated solution supporting withholding tax processing and IRS submissions

Extensive capabilities for provision of capture and application of withholding tax for recalcitrant and non-participating account holders and generation of xml reporting format required for submission to the U.S. Inland Revenue Service (IRS).

Leading-edge technology

Built on Temenos Core, it provides scalable, highly performant, best in class capabilities. Including advanced API-first technology which empowers banks to rapidly innovate, connect to ecosystems and enable developers to build their own connectivity or apps.

Replace manual processes and reduce costs of compliance

Remove inefficiencies associated with manual processing helping you to better serve your customers and reduce headline costs associated with compliance processes.

Key components to meet your compliance needs

Module 1

Handles the client identification and due diligence procedures.

Module 2

Provides the reporting component in line with IRS schema definitions according to the regulation’s timelines.

Module 3

Enables application of withholding taxes to the your non-participating or recalcitrant account holders.

Key features of Temenos FATCA

Temenos FATCA is a fully automated end-to-end solution, designed to provide tax, compliance and back office operations teams with an efficient cost-effective process for reporting the financial account information of account holders identified as US tax residents.

Fully automated end-to-end solution

Temenos FATCA significantly reduces inefficiencies and costs associated with manual processes around compliance.

Flexible component-based implementation

The modular solution design enables progressive transformation by providing a phased implementation approach to support your needs.

Comprehensive solution to support all aspects of FATCA

Temenos FATCA solution addresses the challenges of FATCA with a comprehensive solution for all aspects of compliance to help you meet your compliance obligations.

Tax/regulatory solutions for global compliance

Temenos FATCA is part of the Temenos Regulatory Compliance suite providing complimentary tax and compliance solutions to support our global client base.