Core Analytx Oracle Partners

Consolidating Data: The Key To Effective FATCA Com

U.S. financial institutions (FIs) – especially small- to medium-size community and independent banks – are voicing an increasing number of concerns about how to effectively and affordably handle data analysis and consolidation due to new regulations stemming from the recently finalized Foreign Account Tax Compliance Act (FATCA).

Core Analytx is a software solutions provider that is uniquely positioned to address two of the most pressing FATCA compliance challenges facing all U.S. FIs for that matter: the first challenge they need to confront is to thoroughly identify those products, accounts and customers (both individual and corporations) in disparate systems that are in-scope or out-of-scope as part of a comprehensive pre-existing account analysis. This also includes the requirement that all FIs must review their in-scope pre-existing individual accounts for U.S. indicia, which includes U.S. citizenship, residency, and/or a U.S. residence address or telephone number.

Secondly, the in-scope data must then undergo a thorough consolidation process.  In order to do handle the consolidation properly and meet all FATCA compliance requirements, small- to medium-size FIs with limited resources are finding themselves in a position where they must lean on a robust, yet affordable, software solution. The solution that Core Analytx provides has the power and means to effectively consolidate the data according to all of FATCA’s stringent requirements, yet in an affordable manner.

Dynamic dashboard helps identify in-scope products

One of the integral components that Core Analytx offers with its software solution is a dynamic dashboard that displays all of a FI’s customers based on the in-scope/out-of-scope product analysis and prepares that data for proper representation in required FATCA compliance reports. The dashboard provides FIs a high level of flexibility when analyzing their customer data and has the ability to alert, identify and include products that are in-scope and also exclude products that go out-of-scope. Data integration is near real time.

Lastly, FIs need a strong rules management capability in their analytics solution. It must be flexible enough to incorporate additional rules that might be mandated by new FATCA regulations in the future.

Core Analytx’s products and business intelligence solutions are designed for rapid implementation and quick roll-out in days, versus weeks or months. This is especially critical as U.S. FIs move closer to FACTA’s go-live deadline at year-end 2013. We invite you to explore more information about Core Analytx throughout our website at or call us directly toll-free at (800) 514-8022.

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