Inventi SaaS integration with State Tax Inspectorate will now support automated FATCA and CRS tax report submission to support cross-border business growth of its customers.
Foreign Account Tax Compliance Act (FATCA) requires U.S. citizens to file annual reports on any foreign account holdings they have. The law was passed in 2010 to promote transparency in the global financial services sector. Foreign financial institutions, which provide services to U.S citizens, are required to comply with this law by providing information on accounts and the value of the assets in those accounts to the IRS or the FATCA Intergovernmental Agreement (IGA).
Common Reporting Standard (CRS) was adopted in 2014 for global accounting information exchange between financial institutions in order to combat tax evasion.
“Both of these report types are required when serving foreign national customers. With adoption of automated FATCA and CRS reporting framework, Inventi is committed to support the growth of cross-border financial services”, - notes Head of Products at Inventi Jonas Nasliunas.
FATCA and CRS reports are the latest addition to the Inventi STI Connector. The connector integrates the client’s core banking system with TIES system of State Tax Inspectorate. TIES integration covers submission of automated daily opened and closed account reports, annual turnover, account balance, paid interest reports and other reports required for regulatory compliance. The platform also provides a graphical user interface for process monitoring, as well as for manual report submission.
STI Connector is part of Inventi SaaS product suite for next generation financial service providers. Together with products for SEPA and PLAIS integrations, Inventi connectors serve as the backbone of fintech operations, speeding up time-to-market, automating core operations and ensuring regulatory compliance.
About Inventi | www.inventi.io
Inventi develops back-office software for leading finance, fintech and large enterprise customers. The company serves leading banks in the Nordic region, as well as the most promising providers of next generation financial services. With extensive industry expertise and superstar engineering, Inventi ensures that the software development process will be smooth from start to finish.