ORACLE FATCA MANAGEMENT SOLUTION FOR RUSSIAN BANKS IN PARTNERSHIP PRACTICE OF EGAR TECHNOLOGY

Oracle FATCA Management solution to automate banking business processes associated with the regulatory provisions of FATCA (The Foreign Account Tax Compliance Act), approved in the USA and distributed throughout the world, is included in the partnership practice of EGAR Technology. It will be presented to the Russian credit organizations.

According to the guidelines of FATCA, foreign banks, including Russian, are encouraged to transfer to the U.S. tax service account information of U.S. citizens and companies that are customers of Russian banks to exclude the possibility of tax evasion. In case a bank refuses to sign a separate agreement on FATCA, 30% of the transaction amount will be withheld from the operations of its customers who are residents of the United States without acceptance.

Oracle FATCA Management solution, built on the class-leading compliance platform, has more than 10 years of practice in support of the dynamic requirements of U.S. regulatory authorities and provides real-time automation of all business processes of FATCA. The system, in particular, solves tasks such as identification of accounts to be processed within FATSA; aggregation of various banking systems of data required to represent, 360-degree view of the customer in the context of FATCA, providing a variety of analytical data and report generation. The solution is notable for wide parameterization capabilities and includes pre-configured rules for the categorization of accounts, check attributes, tools for review of existing rules and examples based on well-established compliance practices in the USA. Oracle FATCA Management also uses the best expertise of Oracle products in areas such as AML and financial risk management.

The high level of standardization of interfaces makes its integration easy not only with the products of Oracle, but with third-party applications.

The system is ready for operational amendments related to possible changes to the requirements of FATCA with the introduction of its directives in financial institutions around the world.

Deputy General Director of EGAR Technology Mikhail Talantov stated: “With years of experience in implementing banking systems at credit institutions, we can see the task of the proposal of the approaches to the introduction of Oracle FATCA Management, which will minimize changes in the IT architecture of banks in connection with the automation of FATCA-processes and provide support for easy solutions. This will primarily focus the efforts of our architects and analysts.”

Partner practices of EGAR Technology are implemented with the direct participation of the integration units of the company that provide a wide range of services in audit, design, development and implementation of solutions on platforms from leading manufacturers in the segment of IT, including technical support systems and the organization of central monitoring of business operations and IT infrastructure of the organization.