Banking Decision Sciences and Regulatory Compliance company iCreate has announced a comprehensive, ready-to-deploy solution to help Banks address their FATCA compliance challenge. Fintellix for FATCA Compliance' is a single comprehensive platform to track / report the FATCA status of customers and enable a seamless flow of information from the Bank to the regulatory authorities, with an emphasis on Data Quality, Data Integrity and Data Governance. 'Fintellix for FATCA Compliance' is a productised solution built by iCreate's Banking Data Scientists with extensive knowledge of the Banking domain and FATCA regulations. With a short implementation cycle and requiring minimal customisation, the solution has been engineered to help Banks and Financial Institutions achieve compliance quickly at low TCO. 'Fintellix for FATCA Compliance' integrates with the banks' existing systems with minimal changes and is also scalable and extensible to comply with current reporting changes and future regulatory mandates. Innovative features, such as the ability to analyse customer data and prompt for missing data necessary for FATCA compliance, ensure that immediate FATCA requirements are addressed well. 'Fintellix for FATCA' solution also features a Customer Document Management Module, Enhanced KYC for FATCA compliance, Customer Classification, Tagging & Alerts, FFI Data Management, Transaction Data Management, Withholding Tax Calculation and API for recalcitrant customers. Future-ready features, such as a fully configurable Rules Engine, ensures that the solution is always ready to help the bank respond to evolving regulatory norms. 'Fintellix for FATCA' Solution: Key Differentiators Speaking on the occasion, Anup Pai , COO, iCreate said, "We felt the banks require a solution that would help them focus on their business / growth priorities while complying effortlessly with regulatory requirements, such as FATCA. Fintellix is product born from our experiential knowledge of the intricacies of banking data and best-of-breed analytical and reporting technologies. I am delighted that we have been able to develop a comprehensive product that not only addresses the tactical FATCA challenge, but also provides a future-proof platform for strategic compliance management."
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