FATCA Compliance Software
The Fenergo FATCA Compliance solution is a complete end-to-end solution that enables institutions to efficiently and effectively manage the client onboarding, client identification, classification and reporting requirements dictated by FATCA (Foreign Account Tax Compliance Act), without impacting the overall client onboarding experience.REQUEST A DEMO
Fenergo FATCA Compliance
Simplify FATCA (and GATCA) Compliance with Fenergo
Fenergo FATCA Compliance software enables financial institutions to comply with the key compliance, data and documentation requirements of the Foreign Account Tax Compliance Act (and even its global equivalent GATCA) for both new and existing clients.
FATCA and New Client Onbaording
For new client onboarding, Fenergo FATCA Compliance enables the efficient and easy capture of FATCA-specific information through specific data capture fields, which will make the ongoing process of tracking and managing clients exhibiting US indicia easier.
FATCA & Existing Clients
For existing clients, Fenergo FATCA Compliance conducts an extensive client identification process according to pre-defined US indicia on all available client data, centralizing this data into a single client view.
With this newly-consolidated data, the solution is capable of conducting a pre-classification of all clients based on the strength of the indicia displayed, helping to reduce the number of clients that need to be contacted to self-certify their US status. Fenergo’s FATCA Auto-Classification feature uses a unique combination of analytics, workflow and a classification-specific rules engine to:
- sift through client data and documentation already held by the FFI (Foreign Financial Institution);
- use this information to pre-populate classification fields to find the best fit for the classification in context;
- identify any outstanding information required to be collected from clients in the form of W-8 and W-9 forms;
- reduce unnecessary and repeated client information requests;
- ensure minimum inconvenience for clients as FFIs seek to gain full compliance with FATCA.
The solution also comes with the a Self-Certification Portal, a secure, cloud-based, multi-lingual portal designed to streamline, automate, expedite and reduce the effort involved in collecting data via the appropriate W-8 and W-9 forms through a step-by-step form filling interface. Fenergo’s Self-Certification Portal is also available as a standalone module.
CLIENTS WHO TRUSTOUR SOFTWARE SOLUTIONS
We chose Fenergo’s solutions because they will enable us to meet the increasing complex regulatory frameworks with an efficient and client-centric onboarding experience.
John Healy Managing Director, Head of Capital Markets Operations SunTrust Robinson Humphrey
Fenergo’s Regulatory Onboarding solution provides us with an additional level of flexibility and enhances our ability to prioritize our compliance initiatives.
Erica Benjamin Managing Director for Client Onboarding BMO Capital Markets
We chose Fenergo to support regulatory onboarding across our Global Banking and Markets division. We wanted a solution that would support an efficient onboarding experience for all of our customers.