ActiveReaction helps speed up the FATCA registration process with smart digital versions of Form 8957

ActiveReaction offers smart, digital FATCA Forms 8957


We simplify the financial information data collection process

FATCA financial information capture

The Foreign Account Tax Compliance Act (FATCA) generally requires that Foreign Financial Institutions (FFIs) and certain other non-financial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on withholdable payments. Corporate trust and fund service providers typically offer their clients to complete the FATCA registration process for their entities classified as reporting 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 Inland Revenue Services (IRS) FATCA Portal and would be manageable only when registering a small number of FFIs. However, when multiple FFIs need to be registered, this quickly becomes an administrative nightmare. Before any data is entered into the IRS FATCA Portal, all the FFI's relevant information first needs to be collected, reviewed and signed off on by the person identified as the Responsible Officer (RO) for that FFI. All of this information needs to be managed in order to keep track of which FFI has already provided all the necessary information. In practice, this often requires a FATCA pre-registration process.

The green section in the diagram below shows the case where our FATCA Client Charting Tool could typically be beneficial to corporate trust and fund service providers. The purple section shows a simple 'single case', where it usually suffices to submit to the IRS Portal directly (without any tools):

Screenshot of FATCA registration diagram

We created an enhanced version of the official FATCA Registration Form 8957. The form was designed to reflect the IRS FATCA Portal's version, creating a similar look-and-feel. Depending on your requirements we offer a choice between two FATCA registration tool editions.

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Your benefits

Benefits of the FATCA registration tools

The FATCA registration tool helps corporate trust and fund service providers in the following ways:

User-friendly data entry
You save time (and therefore money), because the FFI data collection form contains skip logic (causing irrelevant questions to be skipped) so it's much easier to fill out. Also, it was designed to reflect the order of the questions of the IRS Portal form's version that you are probably already familiar with. Furthermore, the information entered for each FFI can be (temporarily) saved and retrieved at any time.

Data is digitally available
You no longer have to walk around with paper-based 'filing systems'. All data can be digitised by either using the Basic Edition (the form is a local HTML file on your network) or the Advanced Edition (we host the form online for you) and is accessible 24/7 by all of your staff worldwide.

Data is manageable (Advanced Edition only)
You can distribute the FFIs that need to be registered amongst your account managers. Furthermore, information captured from all FFIs is presented in a structured overview: you can immediately see the form completion status of each FFI. 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.

Operational in 48 hours
You can start capturing FATCA registration information for FFIs within 48 hours of successfully placing an order with us without any installation procedures required.

PDF output
The form can be printed as a PDF file, so you can e-mail the form to your clients for signing off on.

Your own branding (optional)
The FATCA registration tool can be styled to match your corporate look & feel (logo, font type, etc.).

Your own customised form (optional)
The contents of the form can be tailor-made to fit your specific requirements (i.e. add, remove or rephrase questions).

Our clients

FATCA registration tool - Basic Edition

The registration form is placed as a local HTML file on your network (all data is collected, stored and managed out-of-the-cloud):

Click here to watch a Youtube-video of our FATCA registration tool (Basic Edition).

Features:
- Access to your data via locally-stored files (i.e. out-of-the-cloud);
- Editing data and partial form completion;
- Print results to PDF.

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FATCA registration tool - Advanced Edition

We host the form online on a secure site (all data is collected, stored and managed on our servers):

Click here to watch a Youtube-video of our FATCA registration tool (Advanced Edition).

Features:
- Access to your data via a secure login procedure;
- Data management process with an immediate overview of the FATCA registration status for each FFI;
- Editing data and partial form completion;
- Print results to PDF.

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