The custodian reconciliation module is designed to make it easy for your back office teams to reconcile FiTAX data (data of the bank) and the data periodically delivered by the custodians concerning incomes from US securities.
You can also use it to reconcile data between institutions within a group, for example the data of a branch where the head office is its custodian.
This reconciliation is necessary to corroborate the information sent to the US Internal Revenue Service (IRS) and to compare the reporting prepared by the bank and the custodians.
FiTAX Recon (since 2003): data reconciliation with custodians
We developed the custodian reconciliation module to help bank back office teams reconcile FiTAX data (data of the bank) and data delivered periodically by the custodians concerning incomes from US securities.
Standardized software solutions since 2001
FiTAX is a standard tax-reporting solution built by BearingPoint and evolving since 2001. It covers the QI, EUSD, US FATCA, UK FATCA and CRS/AEOI reporting requirements.
Extensive experience in reporting regulations
One of the main challenges faced by financial institutions is to stay up to date with the ever-changing reporting requirements imposed by the tax authorities, which frequently request evolutions in electronic files and reports. Monitoring and implementing changes both punctually and reliably are becoming significant issues for financial institutions. FiTAX is handling the whole process and is regularly updated to comply with these evolutions in the interest of our clients.
This approach has proven to be a cost-effective solution by lightening the burden of reporting for financial institutions, thus allowing them to focus on their core activities.
Close collaboration with a Big 4 firm
Since 2001, BearingPoint has been working closely with a Big 4 firm. It provides assistance with all reporting topics and advice on how to interpret tax laws in order to implement the necessary reports/features.
This initiative is part of how BearingPoint strives to provide real value-adding, high-quality reporting software.
Scalability for global deployment
FiTAX is scalable to serve global financial institutions as well as local entities. An increasing number of financial institutions are applying a hub-based implementation of FiTAX. It means that most entities report centrally, while others do so locally in each entity. FiTAX supports both approaches.
Automatic reconciliation allows significant time savings compared with manual reconciliation. You can:
All FiTAX modules share the same user interface named Helios and offer advanced key features:
Each FiTAX module provides many powerful features, such as:
Thanks to its strong scalability, FiTAX can be implemented at small/medium financial institutions, as well as in large financial groups. The key elements about the implementation:
We provide expert consulting services on fiscal reporting. Financial institutions can benefit from:
We provide consulting services independently of technology suppliers and products. In order to support our clients with the best technology solutions in the marketplace, we have built an alliance program that allows us to with some of the leading technology companies.