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FATCA Compliance Software

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.

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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 compliance software for new client onboarding

 

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.

Auto-Classification

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.

 

FATCA compliance abd Fenergo's FATCA Auto-Classification feature

Self-Certification Portal

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.

Useful resources

Whitepapers

Solve classification - not just FATCA

FATCA is on everyone’s minds right now, with many financial institutions trying to figure out cost-effective and efficient ways to comply with this new IRS-driven regulation. However, FATCA is not the only regulation in town.

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BlogsDownload

FATCA – The Practical Challenges of Client Identification

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BrochuresDownload

FATCA Client Identification and Reporting

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