Convey Compliance Provides FATCA Reporting Services for Two of the Top 50 Global Banks
MINNEAPOLIS, Dec. 2, 2014 /PRNewswire/ -- Convey Compliance Systems, the market leader in tax information reporting, announced a new milestone for its Foreign Account Tax Compliance Act (FATCA) reporting solution. Convey was recently chosen by two of the top 50 global banks as the preferred provider for their FATCA reporting solution. Convey is also currently in discussion with several other leading global banks regarding their FATCA requirements and system needs.
FATCA presents unique challenges for many organizations. Due to its complexity and scale, many non-US based financial institutions are seeking a comprehensive solution that provides assistance in tackling FATCA's stringent reporting obligations.
FATCA requires reporting of certain foreign financial assets by individuals, financial institutions and governments. These regulatory requirements will likely grow and change in the future. Maintaining a centralized tax information reporting platform designed for a rapidly evolving regulatory environment is essential for organizations to remain compliant and avoid penalties. As demonstrated by the recent momentum with several top global banks, Convey's technology solution was chosen because it provides the capabilities to manage client data of FATCA-impacted accounts from hundreds of source environments across the globe, while providing withholding and reporting to the IRS and local regulators.
Convey's FATCA solution includes global intermediary identification number (GIIN) verification. This capability allows organizations to verify the FATCA compliance status of foreign financial institutions (FFIs). In addition, Convey has expanded its compliance research solution, Taxport Compass, to include FATCA regulatory requirements with timely updates on changes and additions.
"As the landscape of international tax information reporting continues to expand, businesses must utilize technology that is able to quickly adapt to regulatory demands and changes as well as manage reporting to multiple jurisdictions," Jeff Cronin, Convey's VP of Product Strategy stated. "Convey is committed to providing an all-encompassing approach to their clients' global tax reporting needs. By allowing organizations to centralize all of their tax information reporting processes through standardization of their platforms and creating a uniform system and process across all operations, Convey's technology enables organizations to minimize compliance risk and optimize opportunity for a cost-effective process."
About Convey
For nearly thirty years, Convey Compliance has provided technology and services to improve compliance and reduce costs related to tax information reporting. Convey is at the forefront of the industry for providing third-party reporting technology and services to over 2,000 clients. In June of 2014, Convey merged with Taxware, a global provider of sales, use and value-added tax (VAT) software. Together, the two companies create a comprehensive portfolio of technology products and services designed to simplify tax compliance and mitigate risk.
Media Contact:
Shae Givens
Taxware, LLC
(978) 527-1122
[email protected]
www.taxware.com
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SOURCE Convey Compliance Systems
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