Already user of the FiTAX CRS module to report under the Automatic Exchange of Information, a large Swiss bank has chosen to put an end to the development and maintenance of its FATCA “home-made” solution and chose BearingPoint’s FiTAX software as the new FATCA reporting solution. After a successful CRS reporting season with FiTAX, the bank decided to expand its collaboration with BearingPoint with a view to significantly reduce its internal cost for tax reporting.
One of the main challenges/cost driver faced by financial institutions is to stay up to date with the ever-changing reporting requirements imposed by tax authorities, which frequently request modifications in electronic files and reports. Monitoring and implementing changes both punctually and reliably is increasingly difficult for financial institutions. BearingPoint handles this process and makes sure that FiTAX is regularly updated to provide its clients with a solution in line with the latest guidelines/laws.
FiTAX is an integrated, ready-to-use software to combine FATCA, CRS, QI, QDD/871m reporting in one single tool. Cost savings can be achieved by a) leveraging the existing interface used to deliver data for CRS reporting to also deliver in the same step the data needed for FATCA reporting and b) by avoiding following worldwide reporting laws and guidelines for keeping an in-house solution up-to-date.
Ronald Frey, Partner and responsible for BearingPoint’s tax solutions
The Swiss bank, operating in several countries worldwide, benefits from BearingPoint’s sound experience in dealing with tax reporting as well as its long-standing collaboration with one of the world’s leading auditing companies. The deep tax reporting knowledge of BearingPoint enables the Swiss banking group to produce the FATCA and CRS reporting for in over 30 countries.