iBS Foreign Account Identification & Reporting (iBS-FAIR)
Implementing FATCA efficiently and sustainably.
The Foreign Account Tax Compliance Act (FATCA) has been passed into law by US government in 2010 for reporting taxable income from US assets outside the country. According to FATCA regulations foreign financial institutions (FFI) around the world are asked to support this regulation starting from 2014.
Implementing the complex FATCA requirements creates financial and resource costs for the FFIs. The fairly short schedule to report on the new regulation, combined with the yet to be finalized rule set of FATCA leads to considerable risks for the FFIs. With the FATCA standard software iBS-FAIR, this risk can be reduced significantly.
Take advantage of iBS' advance
FATCA combines essential requirements from the areas of regulatory reporting and process automation. or over a decade iBS AG develops and maintains the market leading SAP standard solutions in these areas, of which some cases were exclusively on behalf of SAP AG.
iBS AG leveraged the benefits of its extensive professional and technical expertise and created iBS-FAIR, a modular standard software to integrate the principal FATCA requirements into your existing landscape.
Standard software reduces risks and costs
When it comes to imlementation and operation, iBS-FAIR features all benefits of a standard software like
- Better quality and lower costs due to economies of scale
- Reduced risk and on-time implementation
- Significantly lower resource tie-up
- Much lower costs for the solution to adapt to new requirements
- Predictable maintenance costs
- Lower TCO
Easy to integrate
Due to a modern, service-orientated architecture, standard interfaces (API) and Business Services the solution can be integrated into heterogeneous system infrastructures with low effort.
Prepared for future requirements
The core of iBS-FAIR is a flexible engine that allows building complete processes by combining single functions. Therefore new functions and processes can be added or removed subsequently without impacting existing ones. This allows an easy and efficient implementation of new or changed regulatory or fiscal requirements.
iBS-FAIR is a state-of-the-art standard SAP software product with a modular design that helps to implement the complex FATCA requirements efficiently, from categorization to change monitoring and reporting.
- Fits for single FFIs and groups: iBS-FAIR is designed to fit the needs of single FFIs as well as of different FFIs within a global organization. Therefor the solution offers efficient mass data processing, multi-client compatibility, multi-language and multi-currency support. In addition the software allows to cover multiple legal entities with within one single installation.
- Fully customizable to meet local requirements: The global IGA Annex-I requirements are covered within standard delivery, national Annex-II specifica by customization.
- Audit compliant documentation: The integrated authorization management and historization allow audit compliant documentation.
- Checking all pre-existing accounts of individuals and entities for potential US tax liability
- Support during the process of clarifying US tax liability
- Recording and checking the FATCA relevant information when new business partners and accounts are created
- Account aggregation for identifying high-value accounts and applying de-minimis rules
- Classifying business partners and accounts in pre-defined categories
- Event-controlled change monitoring
- Managing of status and maturity of documentary evidence
- Extensive evaluation possibilities
To the responsible local authority in FATCA partner countries:
- For individuals identified as being US tax-liable: information about person, accounts, and financial circumstances
- For passive non-financial foreign entities (passive NFFE): additionally all natural persons who exercise control over the entity (controlling persons)
- Reporting of payments to non-participating FFIs
To account holder:
- Notification about the data reported
Modular design allows implementation in stages
To meet the FATCA implementation schedule, the iBS-FAIR components will be delivered in the following stages:
|iBS-FAIR Reporting:||Q1 / 2014|
Our expertise for your success
In close cooperation with selected partners, iBS will provide you with qualified resources for implementing the solution.
This, together with our experiened solution specialists and the iBS test factory, which actively supports the planning, execution, and assessment of testing activities, ensures successful project outcomes every time.