Austrian vendor Software Daten Service (SDS)
has developed a reporting engine for processing the Foreign Account
Tax Compliance Act (FATCA).
The most important provisions of FATCA will
not take effect for another three years, but
the financial world is already worried about how to
incorporate the act into existing processing standards.
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The vendor said that its solution would
complement its GEOS standard software.
The GEOS software is SDS’s flagship product, a
real-time solution for processing securities in private and retail
banking business.
The new module will enable customers, who do
not have the GEOS securities processing software, to carry out
reliable FATCA processing, SDS said.
The head of GEOS Sales and Product Management,
Alexander Birkl, said: “We are in the middle of the further
development of our reporting engine for financial intermediaries to
cover the reporting requirements stipulated in the FATCA.”
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By GlobalDataThe FATCA will affect banks, investment
companies and securities services providers worldwide, as it will
tax income of US citizens from non-US financial services
providers.
“A modular structure and the option to
integrate the engine into various application environments
represent an important objective concerning the development of this
reporting engine,” Birkl said.
He added that the implementation would be
based on established components specifically designed for financial
services providers.
The new component will be supplied with data
from various processing systems via standard input and output
interfaces, he said.
SDS, a subsidiary of T-Systems, develops
banking software, in particular for international securities
processing.
