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Dion launches end-to-end FATCA product suite


Dion Global Solutions has launched its Foreign Account Tax Compliance Act (FATCA) solutions.

Comprising two integrated products, FATCA FORCE and FATCA TRAC, the Dion product suite offers a complete solution to the forthcoming FATCA regulations, and is designed to support future client classification and reporting requirements.
FATCA FORCE is a project monitoring dashboard, which enables firms to establish their operational readiness for FATCA compliance, based on all relevant IRS checkpoints. It contains work-streams to identify preparatory steps required to achieve compliance and generates evaluation reports based on a weighted combination of both empirical and subjective perception data. FATCA FORCE can be used as a standalone system, or used together with FATCA TRAC as an end-to-end solution.
FATCA TRAC is a comprehensive compliance solution, covering all aspects of FATCA – from classification to reporting and payment. Its modular design enables firms to deploy only the elements they require, integrating with proprietary or third party systems where appropriate. Key elements of FATCA TRAC are:
• Highly-configurable rules engine populated with a pre-defined rule set that has the flexibility to adapt to incorporate existing KYC processes
• Data management store with powerful search and data aggregation capabilities
• Case management to monitor client correspondence and reporting queries
• Fully interoperable payment module for withholding tax calculation
• Reporting capability for dialogue with the reporting authority, clients and management information systems

The solutions have been built in partnership with Mahindra Satyam, who can also complement the technology with services such as system integration, implementation and support.
“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,” says Colin Camp, managing director – products and strategy at Dion. “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.”

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