Hardware and software provider Oracle Financial Services has launched a solution aimed at helping financial services institutions (FSIs) prepare for the supranational US Foreign Account Tax Compliance Act (FATCA) provisions that will begin to go into effect in 2014.
The group said that the new solution for account holder onboarding and categorisation, due diligence and reporting helps FSIs streamline processes for immediate as well as long-term compliance with FATCA, while minimising impact to their existing information technology infrastructure. It consolidates FATCA-specific data in a single repository to provide an enterprise-wide view of customers and enable banks to centrally manage the compliance process.
“With FATCA slated to begin to go into effect 2014, FSIs around the globe realise they must begin to take action now to prepare for compliance,” said S Ramakrishnan, group vice president and general manager, Oracle Financial Services Analytical Applications. “They are looking for solutions to streamline the compliance process with minimal impact on their existing IT environment.
“Oracle designed Oracle Financial Services Foreign Account Tax Compliance Act Management to these exact specifications, using Oracle Financial Services Analytical Applications Infrastructure, a common data model, and best practice capabilities to facilitate short- and long-term compliance.”
Despite the data protection regulation being implemented in 2018, 69% of IT decision makers don’t have the backing of their board to achieve GDPR compliance, according to Calligo.
The US dollar and debt yields falling on the North Korea missile test, treasury being a top target for cyber criminals and why treasurers aren't into real-time payments all hit the latest headlines in the world of treasury this week. Don't miss our ten top news stories from around the world.
Treasurers are being expected to do more work with fewer resources than ever before, so it is little wonder that the automation of day-to-day operations was highly discussed on the second day of EuroFinance, the annual treasury event held in Barcelona this week.
The key points of discussion at 2017's EuroFinance conference in Barcelona on Wednesday were how to deal with the geopolitical uncertainty that is being seen the world over, regulation, automation and cybersecurity.