Dear Financial Service Provider...

Are you ready to register Financial Institutions on the IRS FATCA Portal?

Probably not quite yet...

Corporate trust and fund service providers typically offer their clients to complete the FATCA Registration process for their entities classified as reporting Foreign Financial Institutions (FFIs) on their behalf. The registration is necessary to obtain a Global International Identification Number (GIIN). This FATCA Registration process can be directly completed via the IRS FATCA Portal and would be manageable only when registering a small number of FIs.

However, when multiple FIs need to be registered, this quickly becomes an administrative nightmare. Before any data is entered into the IRS FATCA Portal, all the FI's relevant information first needs to be collected, reviewed and signed off on by the person identified as the Responsible Officer (RO) for that FI. All of this information needs to be managed in order to keep track of which FI has already provided all the necessary information. In practice, this often requires a FATCA Pre-Registration process.

ActiveReaction offers the FATCA Registration Tool to manage information collection for multiple FIs. The green section in the diagram below shows the case where our tool could typically be beneficial to you. The purple section shows a simple 'single case', where it usually suffices to submit to the IRS Portal directly (without any tools).

   Click thumbnail to enlarge.

What is the FATCA Registration Tool?

The FATCA Registration Tool is our enriched version of FATCA Registration Form 8957 and matches the order of the IRS Portal's version and contains skip logic to allow user-friendly data entry.

 

The tool was developed specifically for those companies that offer their clients FATCA Registration services to collect all required FATCA Registration information as securely, quickly, and user-friendly as possible.

There are two editions available: Basic (the registration form is placed as a local HTML file on your network; all data is collected, stored and managed out-of-the-cloud) and Advanced (the form is placed online; all data is collected, stored and managed on our servers). Both of these versions are demonstrated in our demo videos.

Feature Basic Advanced
Form located on your own network.
Data stored on your own network (out of the cloud).
Form hosted by ActiveReaction.
Data stored on ActiveReaction's servers.
24/7 access to your data.
No software installation required. Operational within 48 hours from purchase.
User-friendly data entry: the data collection form contains skip logic (causing irrelevant questions to be skipped) and was designed to reflect the order of the questions of the IRS Portal form's version.
Ability to edit data & complete form partially.
Print form data to PDF.
A software PDF printer is required. Several open-source solutions can be found online.
Your own corporate branding (optional, at additional cost).
Customise the form, e.g. to add, change or rephrase questions (optional, at additional cost).
Secure login procedure, allowing you to allocate FIs to individual users.
Overview of data collection completion status.
Instantly export data from all forms to a single spreadsheet for further analysis/reporting.

How can the FATCA Registration Tool help me?

The FATCA Registration Tool helps corporate trust and fund service providers in the following ways:

Value Justification
Saves time You save time (and therefore money), because the FI data collection form is much easier to fill out. We created an enhanced version of the official FATCA Registration Form 8957. Dynamic question routing automatically skips irrelevant sections. Furthermore, the form was designed to reflect the IRS FATCA Portal's version, creating a similar look-and-feel (no learning curve).
Data is digitally available You no longer have to walk around with paper 'file systems'. All data can be digitised by either using the Basic Edition (the form is a local HTML file on your network) or by using the Advanced Edition (we host the form online for you).
Data is manageable (Advanced Edition only) You can distribute the FIs that need to be registered amongst your account managers. Furthermore, information captured from all FIs is presented in a structured overview: you can immediately see the form completion status of each FI. This allows you to act on its status accordingly (e.g. reminding clients to complete the form and sign off on it). Finally, all registration data is accessible in one single database file, making further analysis or auditing easier and quicker.

How does the FATCA Registration Tool work?

Please watch our demo videos on this page.

» Learn more: Demo

Contact request

© 2014 Active Reaction C.V., P.C. Hooftstraat 47, 1071 BN Amsterdam, The Netherlands - All Rights Reserved.
Phone: +31 20 676 2626 +31 20 676 2626 | Email: fatca@activereaction.com

Disclaimer     |    Privacy statement Disclaimer  | Privacy statement