Temenos Regulatory Compliance

Foreign Account Tax Compliance Act (FATCA)

Designed to meet the requirements of Tax and Compliance professionals. Temenos FATCA module helps Foreign (Non-US) financial institutions (FFIs)of all sizes reduce risk and improve profitability whilst safeguarding regulatory compliance.

Why Temenos FATCA

Temenos FATCA solution provides a fully integrated modular product solution to help firms address the challenges of FATCA with a 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 Foreign Account Tax Compliance Act (FATCA) solution

Solution enables user to automate the entire FATCA process from Client Identification, Due Diligence and Reporting in line with Inland Revenue Service (IRS) requirements

Exhaustive & detailed due diligence process

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)

Replace manual processes and reduce costs of compliance

Remove inefficiencies associated with manual processing helping banks better serve their customers and reduce the headline costs associated with compliance processes.

T24 Transact - Core Banking

Leading-Edge Technology

Built on Temenos Transact, 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.

Product Overview

Temenos FATCA fully automated end-to-end solution designed to provide Tax, Compliance and Back Office operations teams with an efficient cost-effect process for reporting the financial account information of account holders identified as US tax residents.

The Temenos solution for FATCA comprises the distinct components in line with the main tasks firms need to support them in meeting their FATCA obligations:

  • 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 Financial Institutions non-participating or recalcitrant account holders

Fully automated end-to-end solution

Temenos FATCA significantly reduces inefficiencies and costs associated with manual processes

Flexible Component based implementation

Modular design enables ‘progressive renovation’ by providing option to implement in phases as client requires

Comprehensive solution to support all aspects of FATCA

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

Tax/Regulatory solutions for global compliance

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