Mahindra Satyam, a leading global consulting and IT services provider, and Dion Global Solutions (Dion) today announced the offering of a software solution to assist Financial Institutions (FIs) in Australia and New Zealand (ANZ) meet the US Foreign Account Tax Compliance Act (FATCA) regulations.
Dion’s FATCA TRAC, developed in partnership with Mahindra Satyam, is a comprehensive FATCA compliance solution providing tools for FATCA program management, client classification and remediation, withholding and reporting. The solution allows for customization and future proofing in order to meet a range of business, country and integration requirements and will enable financial institutions to swap from complying with the US FATCA regulations to complying with regulations under an IGA without impacting their compliance program.
“The jointly developed FATCA TRAC product enables us to combine the product development expertise of Dion with Mahindra Satyam’s ability to deliver solutions to business problems. The FATCA TRAC product will enable financial institutions to be FATCA compliant in an effective and efficient manner,” said Rohit Gandhi, Senior Vice President, Asia-Pac, India & MEA, Mahindra Satyam
This comprehensive solution boasts robust technology, development expertise, implementation and ongoing consultancy services – to assist financial institutions in this complex compliance task. The two firms, who are currently implementing the solution in the North American markets, are now bringing their FATCA solution to Australia and New Zealand.
“In an increasingly crowded regulatory landscape, firms need flexible solutions that not only fit around existing technology and processes, but also meet new demands and changing requirements.” said Joe Nash, Managing Director – Asia Pacific at Dion.“This is particularly important for institutions operating across multiple
jurisdictions where a FATCA IGA may be signed at any point. FATCA TRAC was built to reflect this demand, enabling firms to intelligently comply with FATCA as it stands now and in the future.”
FATCA TRAC can be aligned with existing core processing systems, which means ANZ financial institutions can meet the compliance deadline faster, with lower costs and yet keep up to date with future changes to U.S. Treasury regulations. The FATCA TRAC Indicia Check is an additional service offered by Dion and Mahindra Satyam to assist financial firms in making an initial assessment of the impact of the FATCA regulations on their business.
Mahindra Satyam’s strong expertise in project development and hosting services across Banking & Financial Services Industry (BFSI), Mobility, and Business Intelligence, along with Dion’s experience of providing market leading BFSI solutions, p resents a complete one stop solution for the FACTA compliance needs of the industry.
