TAINA Platform 2.0: The Evolution of the TAINA
TAINA FATCA & CRS Validation Platform Evolution
Here at TAINA we are not resting on our laurels with our award winning platform, we understand that software needs to evolve or it will become obsolete and irrelevant. When any manual process is replaced with an automated solution, people are just happy with the initial benefits of reduced workload, predictability and automated compliance becoming the new normal. However these automated solutions need to continuously evolve and adapt to significant changes in the regulatory landscape and industry, which result in new requirements and new processes being identified.
Manual tax form processing, often associated with FATCA and CRS compliance, is a laborious and intensive job that requires perfect attention to detail by skilled tax operations professionals. In addition tax regulations are continually being updated, refined and clarified. We have recently redesigned and re-written the TAINA solution, creating TAINA Platform 2.0, which is ready for anything the industry and most importantly our ever growing customer base want us to build and develop in the future.
Adrian Gardiner, Technical Lead at TAINA said “RegTech is a fast paced area of technical innovation that is becoming increasingly important and competitive. By staying tuned into the changes in the industry and listening to their requests and suggestions, we evolve the platform to fit the needs of both our customers and the industry.”
TAINA Platform 2.0
The TAINA Platform has evolved in several technical and functional areas, in it’s metamorphosis into Platform 2.0, a more robust and advanced version of the original award-winning TAINA solution. Antony Bingham, Platform 2.0 Lead Software Architect breaks down how the TAINA Platform has evolved and how these latest enhancements add even more value to financial institutions of all types.
The TAINA Platform has evolved in several functional areas which include:
Accounts and Joint Accounts
Withholding Rate Calculations
The TAINA Platform has evolved in technical areas as well which include:
The Evolution of Accounts and Joint Accounts Support
TAINA Platform 2.0 can capture more in-depth data points for accounts stored within TAINA and can validate tax forms across multiple accounts with differing rule sets based on account circumstances at the click of a single button. Using the new TAINA Platform 2.0 workflow, a single form can be processed to certify multiple accounts and the platform can capture separate data points that may differ between accounts. The evolution of accounts now allows the TAINA Platform to calculate an overall Certification Status for each account as well as the existing Certification Status for a customer.
Through the evolution of Accounts, TAINA Platform 2.0 has been extended specifically to support Joint Accounts scenarios, where an account is owned by two or more persons, usually couples, family or business partners. This culminates in calculating Certification Statuses and withholding tax rates for Joint Accounts when all account holders have submitted tax documentation.
The Introduction of Dual Forms
Through the Platform 2.0 evolution, the TAINA Platform has also been extended to support Dual Form scenarios. This applies to instances where more than one tax form may be required to consider an account documented or certified. Examples of these dual forms scenarios which are supported in TAINA Platform 2.0 include:
Disregarded Entities Making Treaty Claims
Hybrid Entities Making Treaty Claims
Qualified Derivatives Dealers
For Dual Form scenarios within Platform 2.0, Withholding Rates and Certification Statuses are only calculated when all qualifying tax forms are submitted and completed.
The Evolution of Withholding Rates Calculation
The TAINA Platform 2.0 has evolved its withholding rates engine. Platform 2.0’s Withholding Calculator has been extended in its implementation for both Single Holder Accounts and Intermediary Structures and has evolved specifically to now account for Dual Form and Joint Account scenarios. The Platform 2.0 advanced withholding engine now supports both blended and breakout rate calculations and can calculate withholding rates for over 35 different income types.
TAINA Platform Architectural Evolution & System Performance
TAINA Platform 2.0 has seen a full architectural rewrite with new capabilities being built into it to make future customisations simpler and quicker and improve the overall system performance of scheduled tasks. The TAINA Platform has also seen a number of core elements being enhanced including the extension of versioned audit records, centralized services for Withholding Rate Calculation, Classification & Certification Status Calculation, Withholding Statement Reading & Validating, IMY Structure Builders and imports.
For more information on how the evolved TAINA Platform and it’s newest capabilities can add even more value to your business, get in touch or request a demo to see it in action. TAINA Clients Migrate and Go Live on Platform 2.0 and Platform 2.0 Teaser Videos coming soon...