The Foreign Account Tax Compliance Act (FATCA) was introduced by the US IRS to prevent the use of offshore accounts for tax evasion by US individuals or entities. The IRS requires non-US institutions to identify and report accounts held by US nationals and organizations, and to withhold taxes from certain payments to recalcitrant accounts. To comply with the regulations, financial services organizations must track and report on certain types of accounts, categories of account holders, and be able to withhold taxes from non-compliant accounts. All financial institutions are now required to evaluate their current regulatory reporting infrastructure, and refine their tools and capabilities.

Ataccama, in partnership with Adastra, leverages financial services, regulatory compliance, and Information Management expertise to provide cost-saving solutions that meet a wide variety of regulatory frameworks.

Our FATCA Solution

  • Platform: Ataccama Data Quality Center (DQC) & Business Rule Engine (BRE)
  • Account monitoring: Ataccama FMD (FATCA Monitoring Dashboard)
  • Account remediation workflows: Ataccama FRM (FATCA Resolution Manager)
  • Reference data uploads and maintenance: Ataccama RDM (Reference Data Manager)

FATCA Module Overview

Through our partnership with Adastra, our FATCA Module’s generic rules can be tuned and adapted to your organization’s data and processes to provide comprehensive FATCA functionality quickly and easily:

  • Collect data from multiple systems for Client (individual and entity), Account, and Transaction information
  • Cleanse data across multiple operational systems to establish association between Client, Accounts, and Transaction
  • Data mapping, including Individual/Entity classification, ISO Country Code, Account Holder Type, Payment Type, Account Pool Reporting Type, etc.
  • US indicia validation
  • Business rules for FATCA core processing and data exceptions
  • Processing pass-through payments
  • Withholding tax calculation
  • IRS / Local Tax Authority reporting

Ataccama/Adastra FATCA Solution Architecture

Ataccama BRE (Business Rules Engine)

Automated business processes, based on a formalized set of business rules, make a significant contribution to improving efficiency at large organizations.

Ataccama BRE provides a stable, consistent, and powerful platform for processing large amounts of data based on a set of predefined business rules. With an open architecture, BRE is designed to seamlessly integrate with your existing infrastructure. Its advanced architecture and high-performance engine are specifically designed for demanding real-time and near-real-time environments that handle millions of records. Moreover, BRE instantly provides accurate, consolidated data to a wide variety of enterprise applications, such as CRM, self-care systems, and analytical applications.

Best of all, BRE is part of the complete Ataccama family of products, providing industry-proven functionality together with ease of use, broad compatibility, and the ability to customize the solution to meet your specific business needs.

Features

  • A single source of truth for all business rules. Use BRE to store business rules in a centralized rule repository, an invaluable source of information that can be leveraged by any Ataccama product working in any area of the enterprise. Rules can also be exported into a simple XML format compatible with any other rule-based technology capable of importing XML.
  • Ataccama provides a single window into your business rules: view and edit business rules, process changes, and view reports across the Ataccama FRM workflow.
  • Advanced architecture. BRE provides the power to process tens to hundreds of millions of records or provide sub-second response to complex online identification and unification requests.
  • Connectivity. Open standards capabilities and over 600 adaptors mean BRE provides nearly unlimited flexibility in integrating data from internal and external systems.

Ataccama FMD (FATCA Monitoring Dashboard)

Helping you meet FATCA-specific and data-generic requirements, Ataccama FMD gives you the ability to monitor:

  • Changes in account dormancy over 90 days
  • Account status
  • Change in circumstances over 90 days
  • FATCA statistics (number of accounts, transactions by status, etc.)
  • Data Quality status (generic and US indicia-specific)

Features

  • Customizable dashboard: Management-level overview as well as dashboards specific to individual users.
  • User-defined alerts: Instant notifications of critical situations.
  • Drill-through: Track problems to their source by drilling through to the original records.
  • Visualized rule definitions: Quickly understand the cause of issues.
  • Ease of use: Modern, web-based interface.

Ataccama FRM (FATCA Resolution Manager)

Ataccama FRM facilitates:

  • Continuous monitoring of accounts FATCA status
  • Tracking of follow-up with clients
  • Account remediation workflow

Ataccama FRM is an easy-to-use tool for identifying, resolving, and monitoring FATCA remediation issues that cannot be addressed without additional information or intervention. As the issues are corrected, the source systems are updated, resolving data gaps.

FRM includes a comprehensive set of reports for monitoring the FATCA issue-resolution process, and integrates seamlessly with other Ataccama products to create a smarter, end-to-end solution for FATCA management.

Features

  • Issue resolution: Detect, manage, and monitor FATCA issues with built-in resolution screens that account for all types of data issues.
  • Configurable workflows: All aspects of the issue resolution process are fully configurable.
  • Full audit history: Determine “who, what, when, and where,” and build advanced reports.
  • Role-based security. Full role-based security, with the option to use organizational structure. FRM can also leverage your existing LDAP and Single Sign-On solutions.
  • Full range of reports. Various reports are available to monitor issue status, both in current time and historically.
  • Modern, web-based interface. Easy-to-use, web-based interface.