Fenergo Launches new Online FATCA Self-Certification Tool for W-8 and W-9 Form Collection
Poster: SySAdmin
Posted on September 3, 2012 at 1:07:01 AM
Fenergo Launches new Online FATCA Self-Certification Tool for W-8 and W-9 Form Collection
New online FATCA Self-Certification solution speeds up FATCA document collection and reviews, reduces compliance costs and ensures more accurate compliance reporting
LONDON, September 3, 2012/PRNewswire/ --
Fenergo [http://www.fenergo.com ], the leading provider of client onboarding lifecycle
management solutions for corporate, investment and private banks, has today announced the
launch of an online FATCA self-certification tool designed to automate the collection of
W-8 and W-9 forms. The Fenergo FATCA Self-Certification
[http://www.fenergo.com/Products/Fenergo-FATCA-Self-Certification.aspx ] solution will help
financial institutions to expedite the data collection process, reduce the cost of
compliance and ensure more accurate compliance reporting.
Under the imminent FATCA regulation, all Foreign Financial Institutions (FFIs) must
conduct an electronic search of their client data to identify the existence of US indicia
(e.g. address, residency, zip code, nationality, phone number etc.). Once this search is
complete, the FFI must request the completion of W-9, W-8BEN (Ind) or W-8BEN-E forms by
clients who have been identified as having a FATCA compliance requirement to ensure the
correct tax withholding rate is applied.
Fenergo's FATCA Self-Certification
[http://www.fenergo.com/Products/Fenergo-FATCA-Self-Certification.aspx ] solution enables
financial institutions to automate the collection of W-8 and W-9 forms through an online
submission process. Clients with a FATCA compliance requirement will be guided through a
simple, step-by-step form-filling process, which ensures that every required field is
successfully completed before the form is submitted to the financial institution. The
solution performs automatic form validation in real-time against pre-defined IRS rule-sets
in an effort to reduce invalid submissions. For example, the solution automatically
validates the IRS Tax Identification Number (TIN) to ensure that it exists and is valid
before enabling the form to be submitted. It also automatically generates a PDF version of
the completed W-8 and W-9 forms, which is then appended to the client's record.
Capable of integrating with all front and back office systems to enable the sharing of
data and the creation of a single, consolidated client view across the institution, the
Fenergo FATCA Self-Certification
[http://www.fenergo.com/Products/Fenergo-FATCA-Self-Certification.aspx ] solution fully
integrates with both the Fenergo FATCA Compliance
[http://www.fenergo.com/Products/FATCA-Compliance.aspx ] and Fenergo Client Onboarding
[http://www.fenergo.com/Products/Client-On-boarding---Account-Opening.aspx ] solutions.
The information collected from the FATCA Self-Certification tool can be extracted and
populated into the client database, automatically applying the appropriate client
classification in accordance with the regulation. In addition, the solution automatically
schedules the review of submitted data every three years to ensure continued FATCA
compliance and triggers an automatic compliance review upon detecting change of
circumstance data.
According to Marc Murphy, CEO of Fenergo
[http://www.fenergo.com/About-Us/Our-Management-Team-(1).aspx ], "We are entering a period
of unprecedented regulation in the financial services industry. All of these upcoming
regulations promise to have a significant impact on banking operations and the ability to
provide a consistently high level of service to clients. FATCA is just one of these new
regulations, which will place onerous demands on financial institutions. We developed the
FATCA Self-Certification
[http://www.fenergo.com/Products/Fenergo-FATCA-Self-Certification.aspx ] solution to
provide FFIs with a faster and more efficient way of collecting and processing this
additional data, while helping to improve compliance and reduce the costs associated with
it".
Win an iPad 3 with Fenergo
Fenergo has recently launched a survey to determine the FATCA readiness of financial
institutions in light of the Intergovernmental Model Agreements. All participants to the
survey will be automatically entered into a draw to win an iPad 3, with the winner being
announced in October, and will also receive the results of the survey ahead of
publication. Click here - http://conta.cc/PLBSfH - to complete the short survey.
About Fenergo (http://www.fenergo.com)
Fenergo is a global leader in client onboarding lifecycle management software
[http://fenergo.com/Products/Client-On-boarding---Account-Opening.aspx ] for corporate,
investment and private banks. Its award-winning solutions include onboarding compliance,
legal entity data management, product onboarding, client servicing, and credit mitigant &
collateral management. These market-leading solutions ensure full compliance with risk and
regulatory obligations for Client Due Diligence (CDD) / Know Your Customer (KYC)
[http://fenergo.com/Products/KYC---Client-Due-Diligence-(CDD).aspx ] at client take-on and
ongoing due diligence stages. Its technologies enable an enhanced client experience by
providing faster onboarding, improved client set-up times and reduced administration
costs.
For further information, please contact:
Fiona McLoughlin, Head of Marketing, Fenergo
T: +353-1-856-5915; E: fiona.mcloughlin@fenergo.com
Source: Fenergo
New online FATCA Self-Certification solution speeds up FATCA document collection and reviews, reduces compliance costs and ensures more accurate compliance reporting
LONDON, September 3, 2012/PRNewswire/ --
Fenergo [http://www.fenergo.com ], the leading provider of client onboarding lifecycle
management solutions for corporate, investment and private banks, has today announced the
launch of an online FATCA self-certification tool designed to automate the collection of
W-8 and W-9 forms. The Fenergo FATCA Self-Certification
[http://www.fenergo.com/Products/Fenergo-FATCA-Self-Certification.aspx ] solution will help
financial institutions to expedite the data collection process, reduce the cost of
compliance and ensure more accurate compliance reporting.
Under the imminent FATCA regulation, all Foreign Financial Institutions (FFIs) must
conduct an electronic search of their client data to identify the existence of US indicia
(e.g. address, residency, zip code, nationality, phone number etc.). Once this search is
complete, the FFI must request the completion of W-9, W-8BEN (Ind) or W-8BEN-E forms by
clients who have been identified as having a FATCA compliance requirement to ensure the
correct tax withholding rate is applied.
Fenergo's FATCA Self-Certification
[http://www.fenergo.com/Products/Fenergo-FATCA-Self-Certification.aspx ] solution enables
financial institutions to automate the collection of W-8 and W-9 forms through an online
submission process. Clients with a FATCA compliance requirement will be guided through a
simple, step-by-step form-filling process, which ensures that every required field is
successfully completed before the form is submitted to the financial institution. The
solution performs automatic form validation in real-time against pre-defined IRS rule-sets
in an effort to reduce invalid submissions. For example, the solution automatically
validates the IRS Tax Identification Number (TIN) to ensure that it exists and is valid
before enabling the form to be submitted. It also automatically generates a PDF version of
the completed W-8 and W-9 forms, which is then appended to the client's record.
Capable of integrating with all front and back office systems to enable the sharing of
data and the creation of a single, consolidated client view across the institution, the
Fenergo FATCA Self-Certification
[http://www.fenergo.com/Products/Fenergo-FATCA-Self-Certification.aspx ] solution fully
integrates with both the Fenergo FATCA Compliance
[http://www.fenergo.com/Products/FATCA-Compliance.aspx ] and Fenergo Client Onboarding
[http://www.fenergo.com/Products/Client-On-boarding---Account-Opening.aspx ] solutions.
The information collected from the FATCA Self-Certification tool can be extracted and
populated into the client database, automatically applying the appropriate client
classification in accordance with the regulation. In addition, the solution automatically
schedules the review of submitted data every three years to ensure continued FATCA
compliance and triggers an automatic compliance review upon detecting change of
circumstance data.
According to Marc Murphy, CEO of Fenergo
[http://www.fenergo.com/About-Us/Our-Management-Team-(1).aspx ], "We are entering a period
of unprecedented regulation in the financial services industry. All of these upcoming
regulations promise to have a significant impact on banking operations and the ability to
provide a consistently high level of service to clients. FATCA is just one of these new
regulations, which will place onerous demands on financial institutions. We developed the
FATCA Self-Certification
[http://www.fenergo.com/Products/Fenergo-FATCA-Self-Certification.aspx ] solution to
provide FFIs with a faster and more efficient way of collecting and processing this
additional data, while helping to improve compliance and reduce the costs associated with
it".
Win an iPad 3 with Fenergo
Fenergo has recently launched a survey to determine the FATCA readiness of financial
institutions in light of the Intergovernmental Model Agreements. All participants to the
survey will be automatically entered into a draw to win an iPad 3, with the winner being
announced in October, and will also receive the results of the survey ahead of
publication. Click here - http://conta.cc/PLBSfH - to complete the short survey.
About Fenergo (http://www.fenergo.com)
Fenergo is a global leader in client onboarding lifecycle management software
[http://fenergo.com/Products/Client-On-boarding---Account-Opening.aspx ] for corporate,
investment and private banks. Its award-winning solutions include onboarding compliance,
legal entity data management, product onboarding, client servicing, and credit mitigant &
collateral management. These market-leading solutions ensure full compliance with risk and
regulatory obligations for Client Due Diligence (CDD) / Know Your Customer (KYC)
[http://fenergo.com/Products/KYC---Client-Due-Diligence-(CDD).aspx ] at client take-on and
ongoing due diligence stages. Its technologies enable an enhanced client experience by
providing faster onboarding, improved client set-up times and reduced administration
costs.
For further information, please contact:
Fiona McLoughlin, Head of Marketing, Fenergo
T: +353-1-856-5915; E: fiona.mcloughlin@fenergo.com
Source: Fenergo