FATCA REPORTING APPLICATION FOR BANKS & FINANCIAL INSTITUTIONS
IRIS FATCA Reporting Application is a standalone desktop solution that takes MS Excel® or any flat file format as input and converts it into XML format as prescribed by the regulator. The easy-to-use application also validates the document against all business rules and schema checks required by the Internal Revenue Service (IRS) and the local tax authority thus making your document FATCA compliant.
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The application comes with a pre-mapped file of schema and input source mapping for all filings of FATCA reporting to the regulator. The data can be directly generated using the mapping available in the product.
XML Generation Module
This is a core module of the application which generates the XML file for the selected filing based on various parameters.
Any Excel® can become an input for XML generation through this one time mapping module. The user only needs to map the input file elements with the mandatory schema elements as a one-time activity.
Multiple and Future-ready Reporting
The application can take care of any country-specific XML reporting for FATCA - for example, Form 61B reporting in India and FATCA reporting in Thailand. The solution can also be extended to the Common Reporting Standard (CRS) mandate to be adopted in the coming years.
Business Rules Validations
The solution can validate the output XML as per the schema and business rules defined in the FATCA reporting guide and by the national tax authority. The output generated is built to consistently pass the validation test at the time of submission.
Customized Business Validation
Customized business rules validations can be incorporated into the application to meet specific business requirements.
Minimal Manual Intervention
The application drastically reduces the need to manually process, compute and file data with the regulator as it can take inputs in multiple formats and generate the output in the desired XML format.
User Management Module
The user management module supports the creation and management of user profiles that can be set up with access rights depending on the type of user.