Oracle Debuts Foreign Tax Compliance Software

Print
Email
Reprints
Comment
Twitter
LinkedIn
Facebook
Google+

To help financial institutions prepare for Foreign Account Tax Compliance Act provisions that will begin to go into effect in 2014, Oracle (ORCL) Thursday introduced Oracle Financial Services Foreign Account Tax Compliance Act Management software.

Under FATCA, all financial institutions — U.S. and foreign — must classify account holders as either U.S. or non-U.S. based and report directly to the United States Internal Revenue Service specific information about financial accounts held by U.S. taxpayers or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. It will require organizations to analyze existing customers, update customer information and onboarding processes and expand reporting capabilities.

The new software from Oracle, which is based in Redwood Shores, Calif., is said to assist with account holder onboarding and categorization, due diligence and reporting. The software 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, financial institutions around the globe realize 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, in a press release. "They are looking for solutions to streamline the compliance process with minimal impact on their existing IT environment."

JOIN THE DISCUSSION

SEE MORE IN

'The Law Penalizes the Consumers It Set Out to Protect': Comments of the Week

American Banker readers share their views on the most pressing banking topics of the week. As excerpted from the Comments sections of AmericanBanker.com articles.

(Image: Fotolia)

Comments (0)

Be the first to comment on this post using the section below.

Add Your Comments:
Not Registered?
You must be registered to post a comment. Click here to register.
Already registered? Log in here
Please note you must now log in with your email address and password.

The Most Influential Women in Payments

What does it take to lead in the still-mostly-male world of payments? This year's 20 Most Influential Women in Payments share stories about how they got to the top, their vision for the future of payments (hint: it's mainly mobile), and advice to other women working their way up the ladder.
DAILY ENEWSLETTER UPDATE

A Newsletter featuring Bank Technology News' top stories plus special reports and data

TWITTER
FACEBOOK
LINKEDIN
Already a subscriber? Log in here
Please note you must now log in with your email address and password.