FATCA Developments
18 December 2014
 
ViewPoint has been pro-active in following the FATCA reporting requirements and enhancing our software to support the related processes. We were one of the first to release the FATCA file review, indicia search and reporting enhancements in November 2012. This was followed by various enhancements including the Tax Accounts and Identity Register screens and functionalities.

With the reporting requirements coming closer we have two new developments to announce: Reportable Accounts screen and the ViewPoint Financial Account Common Reporting System.

Reportable Accounts is a new screen designed to hold the details of an account in scope for reporting, and a ‘register’ of reportable/reported balances and/or payment transactions. The register provides users with a full history, and reconciles back to the report submission.

The ViewPoint Financial Account Common Reporting System design is based on the OECD Common Reporting Standard which comprises the FATCA XML v1.1 messaging format. The program integrates with the ViewPoint database for extracting and validating reportable accounts and guides the user through the creation of the electronic XML submission. Other features of the ViewPoint Financial Account Common Reporting System include a comparison with earlier submissions and the import of external account information.

As various jurisdictions make their reporting requirements and test systems available we will, where required, enhance the system and pilot/test our XML message submissions.

For more information please contact your ViewPoint representative.