The Load Process

The Foreign Account Tax Compliance Act (FATCA) deadlines are approaching fast. Simply export your data from your Customer Relationship Software (CRM) or other Master Data Management (MDM) software into any format (Excel, Text, XML, or JSON) or via a direct system-to-system web services connection, and then load it and reload as often as you like into TWC's FATCA One system. All that is required is an individual or entity name and a unique identifier (it can be user assigned but is often a customer ID or account ID), but the more information the better.

During the load process data is processed and flags raised on data to be examined and resolved. Red flags are raised for major deficiencies, yellow flags for minor deficiencies, and green flags if all the data is available to determine if the record either needs to be reported or we have all the data necessary and the record doesn't need to be reported.

For cases of indicia the system will capture the documentation including proof of citizenship and self-certification. For entities, the US government's Global Intermediary Identification Number (GIIN) are matched, entities statuses are updated as compliant due to registration or by virtue of being covered by an IGA agreement, and the entire entity status process is supported.
Download the FATCA One™ Solution Summary