FATCA Readiness with Newgen
The Foreign Account Tax Compliance Act (FATCA) was enacted by the United States government in 2010, as part of the Hiring Incentives to Restore Employment Act (HIRE). The Act is aimed at helping the US government combat off-shore non-compliance. The Act comes into effect from July 1, 2014. Compliance to FATCA is complex. Financial Institutions will need to make substantial changes in processes such as client on-boarding, documentation, reporting and withholding. The act is intricate and evolving continuously. This greatly impacts an organizations readiness to tackle it.
Compliance to FATCA needs a distinctive approach. A simple change of processes or leveraging new IT infrastructure may not suffice as a successful compliance strategy.
Newgen helps organization’s gain FATCA compliance through a thought leadership approach. It provides Financial Institutions with robust FATCA compliance software and also help them create step by step approach for a comprehensive compliance strategy. Newgen FATCA initiatives are spearheaded by its FATCA Centre of Excellence (FATCA CoE), which operates under its Banking and Compliance Center of Excellence.
Newgen offers integrated FATCA compliance software for Foreign Financial Institutions (FFIs), US Financial Institutions (USFIs) and concerned government agencies such as tax authorities. The applications leverage Newgen’s two decades of domain expertise in Banking and Compliance along with its market leading BPM, Case Management, ECM and CCM applications. Newgen’s FATCA Compliance Software make astute use of Newgen’s Case Management capabilities alongside leveraging its business transformation platforms. Negotiating the finer aspects of the act such as handling recalcitrant account holders and also maintain scenario by scenario compliance adherence.
Newgen understands that compliance to the act will need constant mentoring and knowledge up-gradation with respect to the evolving tenets of the act. The Newgen FATCA CoE for this purpose constantly keeps a tab on the tenets of the act and provides astute pre and post implementation consultations on how clients can stay ahead of the game.
Request FATCA Demo
Considering the unpredictability of what FATCA will finally require organizations to take care off Newgen has launched a test drive of its FATCA solution which will help banks and financial organizations achieve FATCA compliance, quickly and efficiently. The test drive involves three major steps:
- Prototype – Walk through the Newgen FATCA solution to get a first hand view of the entire process
- Scope Finalization – The Newgen project team will then conduct a gap analysis to configure the solution based on organizational needs
- Project Plan Implementation – With a 100% Implementation success rate, the Newgen’s Pro-Agile implementation method will ensure project completion with minimal cost and time requirements