iBS Foreign Account Identification & Reporting (iBS-FAIR)
Implementing FATCA, AEOI & Co efficiently and sustainably.
FATCA, EU Mutual Assistance Directive, Common Reporting Standard – in the wake of the global efforts to promote tax compliance, the Automatic Exchange of Information (AEOI) is establishing itself as a global concept. For financial institutions, this means additional cost of implementing and maintaining the various AEOI regime.
The iBS tax compliance solution iBS Foreign Account Identification & Reporting enables institutions to implement the different categorization, documentation and reporting requirements efficiently and future proof.
Features & Benefits
iBS Foreign Account Identification & Reporting (iBS-FAIR) is a modern, flexibly scalable tax compliance solution. By using a modular design, the software can be easily extended to map different sets of rules for different AEOI regime.
iBS-FAIR is used by various financial institutions of different size and business focus to meet the categorization and reporting requirements of US-FATCA.
One Unified Solution for FATCA, CRS and Future Requirements
The core of iBS-FAIR is a flexible engine that allows building complete processes by combining single functions. New functions and processes can be added or removed subsequently without impacting existing ones.
Dedicated Content Modules for Fast and Easy Implementation of Different AEOI Regimes
The processes and functions for categorization and reporting under US-FATCA and CRS can be licensed modular as iBS-FAIR Content.
The built-in iBS-FAIR authority management and historicization support an audit-compliant documentation of relevant data and processes.
Future adjustments on FATCA, CRS and new regulations are provided by the iBS as part of the product maintenance or as new content modules. Thus, different AEOI regime can be implemented in line with their specific effective dates.
Perfect Fit for Financial Institutions of All Sizes
iBS-FAIR is designed to suit the needs of single institutions, as well as of different institutions within a group. Build on modern, scalable SAP technology, the software features multi-client capability, efficient mass data processing and supports multiple currencies and languages within the product standard. In addition iBS-FAIR which allows to run multiple institutions on an installation.
iBS-FAIR can be integrated into heterogeneous system infrastructures with low effort due to a modern, service-oriented architecture, standard interfaces (API). For SAP Banking customers iBS provides ready-to-use integration within standard delivery.