New Fatca suite from Dion targets classification, reporting and tax calculations
Dion Global Solutions, an IT company, has launched a suite of two integrated products – Fatca Force and Fatca Trac – which target users looking for so-called end-to-end solutions for implementing Fatca requirements, such as client classification and reporting.
Fatca Force operates as a dashboard, and is meant to enable companies to prepare their operations for Fatca compliance. It can produce reports that companies use to identify the steps they need to take to prepare for compliance with the regime. Fatca Force can be used as a standalone system, or together with Fatca Trac.
Fatca Trac is a modular solution, addressing the client classification, reporting and payment aspects of Fatca. It can be integrated with third party systems if necessary, and can adopt existing know-your-client processes. It offers the ability to monitor client correspondence and reporting queries, and includes a payment module for calculating withholding tax.
Colin Camp, managing director Products & Strategy at Dion, said: “We have developed these solutions to enable companies to comply in an intelligent way by focusing on solving the problem of customer classification, rather than focusing purely on Fatca.”
“Fatca Force and Fatca Trac are both designed to accommodate the complex multi-jurisdiction issues and future classification and tax reporting demands, yet have the flexibility to fit around existing technology and processes to protect current infrastructure investments. This sophisticated technology means we can play a major role in assisting firms to be compliant with Fatca and other upcoming regulations both now and in the future.”