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FATCA-CRS

Compliance with FATCA (Foreign Accounts Tax Compliance Act) and CRS (Common Reporting Standard) are a great priority for banks all over the world.

VSM is a technology partner to a US company, PVin Corp, in this area. We have developed a product “Factor” for the US Company that automates FATCA and CRS data management fully. The product handles:

  • Data Management
  • Classification and Computation
  • Analysis and Reporting
  • User administration

VSM provides FATCA-CRS compliance services to banks in India. Our unique model of providing services involves a combination of three components:
FATCA-CRS-Image

We bring automation through our software for quicker and more accurate processing of data. We have evolved a unique model of “Software assisted data remediation and reporting” that yield multiple benefits to the bank, some of which are:

  1. Coverage of all Applicable Products

  2. Error-Free Data Mapping and Data Cleansing

  3. Comprehensive system driven guidance on Due diligence and reporting obligations covering latest amendments

  4. Maintenance of Data/Records for Audit Compliance

  5. Data integrity and consistency in processing and reporting

  6. Saving in manpower and other resources

  7. Total ownership for FATCA & CRS compliance obligation

With this, we have signed contracts with about 10 banks in India, to offer our services. These banks have greatly appreciated our work.

To download a presentation on our unique approach, please contact ravindran@vsmsoftware.com