Financial institutions experience the challenges of FATCA and CRS compliance in three areas: Proving good governance and regulatory compliance, client interactions and operations
TAINA targets these through automation, a consistent rule set and a customer-friendly approach
Why is TAINA different?
Key value drivers for your financial institution
Demonstrate compliance with a fully automated robust process and a transparent up-to-date rule set
Performs validation for the different tax regimes (FATCA, Chapter 3, CRS) in the same module, at the same time, with the appropriate business rules activated at the click of a button
Fully configurable and adaptable e.g. 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
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
TAINA’s OCR tool is fully adaptable e.g. can map in institution’s own self-certification forms
In the online solution, clients 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
In the online solution, clients complete, positively affirm their details accuracy and electronically sign an actual IRS W form and/or CRS Self-Certification Form
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