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Finesse Launches Fintellix to expedite FATCA compliance


Finesse, a Red Herring Asia Top 100 company has launched ready-to-deploy iCreate solution ‘Fintellix’ to help Banks expedite FATCA compliance in the region. This ready-to-deploy solution would help Banks to effectively address their FATCA compliance challenge. Fintellix for FATCA Compliance’ is a single comprehensive platform to track & report the FATCA status of customers. It enables a seamless flow of information from the Bank to the Regulatory authorities, with an emphasis on Data Quality, Data Integrity and Data Governance.

‘Fintellix for FATCA Compliance’ is a productized solution built by iCreate’s Banking Data Scientists with extensive knowledge of the Banking domain and FATCA regulations. With a short implementation cycle and minimal customization, the solution has been specifically engineered to help Banks and Financial Institutions achieve compliance quickly at low TCO. ‘Fintellix for FATCA Compliance’ easily integrates with the banks’ existing systems with minimal changes. It is scalable and extensible to comply with current reporting changes and future regulatory mandates.

Fintellix for FATCA Compliance’ has the ability to analyze customer data. It prompts for missing data, which is necessary for FATCA compliance. These innovative features ensure that immediate FATCA requirements are addressed well. ‘Fintellix for FATCA’ solution also features a Customer Document Management Module, Enhanced KYC for FATCA compliance, Customer Classification, Tagging & Alerts, FFI Data Management, Transaction Data Management, Withholding Tax Calculation and API for recalcitrant customers. Future-ready features such as a fully configurable Rules Engine ensure that the solution is always ready to help bank’s respond to evolving regulatory norms

Fintellix for FATCA’ Solution: Key Differentiators·Configurable US Indicium process

·Provision for Automated/Manual FATCA Classification

·Integrated Document Management Module

·Automated Alerts System

·Configurable Workflow

·API Provision for Withholdings

·Prebuilt External Feeds for Withholding System


·Pre-Built templates for Customer Communication (W8, W9 Form)

·Provision for Customer GAP Data Analysis

·Pre-Built Semantic Layer

·Single-view of Customer Accounts and Investments

·Customer Reminders if documents expire

·Document Storage and Retrieval

·Historical Tracking of Customer Classification

Speaking on the occasion, Arya Pratihar, Region Head – MEA, iCreate said, “We felt that banks require a solution, which would help them focus on their business / growth priorities while complying effortlessly with regulatory requirements, such as FATCA. Fintellix is a product born from our experiential knowledge of the intricacies of banking data and best-of-breed analytical and reporting technologies. I am delighted that we have been able to develop a comprehensive product that not only addresses the tactical FATCA challenge, but also provides a future-proof platform for strategic compliance management”.

Sunil Paul, COO, Finesse LLC added, “We are excited to launch FATCA solution in the Middle East with iCreate who has proven credibility and leadership in the Regulatory Reporting space.  iCreate FATCA solution will add to Finesse’s Governance Risk and Compliance (GRC) offerings and our clients in the region will be assured by our excellent local support

About FATCA:

FATCA (Foreign Account Tax Compliance Act) is a part of the 2010 Hiring Incentives to Restore Employment (HIRE) Act, to combat tax evasion. FATCA requires US citizens, including individuals who reside outside the US to report their financial accounts held outside of the US, and requires Foreign Financial Institutions (FFIs) to report to the IRS about their American clients. FATCA is of high priority for banks today, as non-compliance could attract heavy penalties. Banks are required to maintain customer classification as defined by the act and maintain a repository of supporting documents including tracking mechanism. Failure to comply could result in severe penalties, up to a 30% withholding tax on US source income. Banks also require to obtain and maintain an updated list of compliant institutes provided by IRS; prepare and submit US account holder information to the IRS. The deadline for registration with the IRS is 25 April 2014, after which a withholding tax of 30% would be applicable from 1 July 2014. Reporting for FATCA will begin from 31 March

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