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Q&A: Addressing the myths about FATCA

Zafar Anjum | Oct. 9, 2013
How are Asian banks and financial institutions responding to the Foreign Account Tax Compliance Act (FACTA)? Ravi Vasantraj, Global Head – BFSI Practice, Tech Mahindra, has some answers.

Tech Mahindra considered the following before building its solution:

  • Regulation is complex and there will be more FATCA like regulations across the world.
  • Solution will need continuous support for regulatory compliance
  • Data integration is critical as data normally exists in multiple silos
  • Timelines are short for compliance

FATCA TRAC is a Tech Mahindra solution which enables data integration across multiple systems, case management and workflow features with robust filtering capability to cover complete FATCA requirement lifecycle - from FATCA checks and addition of new customer to ongoing monitoring, advanced investigation, withholding and full reporting.

Tech Mahindra set up the FATCA Centre of Excellence and is well placed to support Asian financial institutions in accelerating FATCA compliance. 

Tell us about your solution. How and when was it developed? How complex is it?

Tech Mahindra and its partner Dion Global Solutions identified the opportunity very early and started designing the solution last year.

A lot of effort was put in the design phase to accelerate FATCA compliance and ensure that the solution covers all aspects of FATCA - from identification, classification and remediation to reporting and withholding.

It was built on an Enterprise Application Integration (EAI) which allows customers to quickly integrate with multiple systems and its modular design enables firms to deploy only the elements they require.

Its graphical design interface allows users to design and modify workflows and change business rules and its model-based framework helps customers comply with multi-jurisdiction compliance requirements.

Are you already deploying it? What has been the customer response so far?

FATCA TRAC has been implemented in one of the leading banks of North America. Another leading bank in the Middle East has signed up for this solution and there is a pipeline of closures in Australia, North America and the Middle East.

 

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