Managed service providers help financial institutions deal with the challenges of FATCA and CRS compliance. Their challenge is to help financial institutions demonstrate robust compliance whilst taking care of the operational aspects
TAINA can help fulfil this mission by saving time, freeing up people and providing the ability to evidence robust compliance
Why is TAINA different?
Key value drivers of TAINA for fund administrators and managed service providers
Demonstrate compliance with a fully automated robust process and a transparent up-to-date rule set
Automatically validates all forms in complex IMY structures and auto builds the IMY tree based on the excel allocation statement uploaded together with the top level IMY
Multi-tenancy architecture enables the easy maintenance of multiple distinct clients
Fully configurable and adaptable e.g. a financial institution’s own self-certification forms, specific questionnaires or reporting consent, where relevant, can be collected / validated together with the tax forms
Increase efficiency, reliability and turn-around times of validations – 75% faster validation process in the latest test case with a fund administrator
Mitigate risks associated with manual way of working – have been able to free up over 40% of an Operational team to focus on higher value risk mitigation
TAINA’s OCR tool is fully adaptable e.g. can map in institution’s own self-certification forms
Performs validation for different tax regimes (FATCA , Chapter 3, CRS) in the same module, at the same time; the appropriate business rules can be activated with a click of a button
In the online solution, investors complete, positively affirm their details accuracy and electronically sign an actual IRS W form and/or CRS self-certification form. The signed form is stored in .PDF format for auditing purposes, which simplifies evidencing of regulatory compliance
Cutting costs – achieved cost savings of 84% per form
Transform clients’ experience with simple, intuitive online solution validating forms in real time
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