Infotech Lead Asia: Mahindra Satyam and Dion Global Solutions (Dion) have launched a software solution to assist Financial Institutions (FIs) in Australia and New Zealand (ANZ) to address the US Foreign Account Tax Compliance Act (FATCA) regulations.
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.
Dion’s FATCA TRAC — developed in association with Mahindra Satyam — provides tools for FATCA program management, client classification and remediation, withholding and reporting.
In addition, 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.
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.
