iCreate, the Indian company involved in banking analytics, risk and compliance, has announced a strategic partnership with tax information reporting leader, Convey Compliance Systems to help global banks accelerate their FATCA compliance initiatives. iCreate’s 8-year track record in banking data aggregation providing analytics, risk and compliance solutions has teamed up with Convey’s 28-year track record in tax information reporting to bring the global marketplace a solution that is end-to-end and best-in-class for helping financial institutions identify FATCA-impacted accounts and seamlessly manage their reporting and withholding obligations. iCreate’s recently launched Fintellix FATCA Compliance system integrates seamlessly with core banking systems. Fintellix has the ability to run business regulations on consolidated enterprise data and extract reports, analytics and regulatory formats to determine FATCA-impacted accounts. Convey’s Taxport platform then applies the appropriate FATCA rules, generates the returns, and transmits the data from the bank to the submitting authority or to the IRS, depending on the bank location and current IGA status. This seamless end-to-end data solution also provides tools to manage the withholding and remittance of payments on recalcitrant accounts. Anup Pai, COO, iCreate, said the partnership would be of tremendous benefit to global financial institutions, as well as to regional financial institutions that have a substantial US/OECD customer portfolio as they prepare for FATCA compliance as well as the looming CRS guidelines.
