Established Financial Institutions

Fully Automated Validation of all major tax forms and withholding tax calculations.

Financial Institutions suffer the acute pain of FATCA and CRS compliance in three areas:
Proving good governance and regulatory compliance, Client interactions and Operations.

TAINA targets these through automation, a consistent rule set and a customer-friendly approach.

Why is TAINA different?

Key value drivers for your Financial Institution

  • Demonstrate compliance with a fully automated robust process and a transparent up-to-date rule set
  • Performs validation for the different tax regimes (FATCA , Chapter 3, CRS) in the same module, at the same time, with the appropriate business rules activated at the click of a button
  • Fully configurable and adaptable e.g. institution’s own Self-Certification forms, specific questionnaires or Reporting Consent, where relevant, can be collected / Validated together with the Tax forms
  • Increase efficiency, reliability and turn-around times of validations – 75% faster validation process in the latest test case with a fund administrator
  • Mitigate risks associated with manual way of working – have been able to free up over 40% of an Operational team to focus on higher value risk mitigation
  • Automatically validates all forms in complex IMY structures and auto builds the IMY tree based on the excel allocation statement uploaded together with the top level IMY
  • TAINA’s OCR tool is fully adaptable e.g. can map in institution’s own Self-Certification forms
  • In the online solution, Clients complete, positively affirm their details accuracy and electronically sign an actual IRS W form and/or CRS Self-Certification Form

    The signed form is stored in .PDF format for auditing purposes, which simplifies evidencing of regulatory compliance
  • Cutting costs – achieved cost savings of 84% per form
  • Transform Clients’ experience with simple, intuitive online solution validating forms in real time
  • In the online solution, Clients complete, positively affirm their details accuracy and electronically sign an actual IRS W form and/or CRS Self-Certification Form

Functionality

  • Fully automated validation solution for FATCA, CRS and Chapter 3 regimes, covering all major tax form types
  • Multi-layer IMY and QI logic
  • Enables withholding tax calculations
  • Tracks 'Reasons to Know' and 'Changes in Circumstances' to ensure continuous compliance
  • Account classification and MI analysis for operational and senior management
  • Customisable self-certifications
  • Capable of additional languages to English
  • Automatic cross checking of internal and public databases for validation

Clarity

  • User-friendly and interactive solution that helps customers complete their tax forms correctly
  • Questionnaire forms that make impenetrable language easy to understand
  • Flexible dashboard and reporting tailored to Responsible officers enables them to identify areas of risk, see trends over time, drill down to underlying documentation and ultimately makes it easier for the Responsible Officer to visualise and assess for decisions that require their sign-off.
  • Powerful validation engine cross-checks against public information and your own databases
  • End to end holistic solution that covers all major access media

Expertise

  • Real time validation that removes customer and back office pain by reducing the possibility of erroneous submissions, removing chasing and frustration
  • Up-to date forms from the IRS and CRS equivalents
  • Covers US Withholding Agents and Withholding Agents outside of the US, QI and non-QI entities in the same engine
  • Fully automated validator that includes multi-layer IMY validation, withholding calculations and QI logic
  • Cyber security sits at the heart of our platform’s design and architecture
  • GDPR compliant

TAINA’s solution caters for tax forms across the value chain

Enabling superior customer experience, reducing back office pain, with data output
to reporting, customer relationship management and an extensive audit trail.

 

Established FI solution flow diagram.svg​​​​​​​

Common problems facing Financial Institutions

Regulatory and Governance

  • Difficulty demonstrating compliance post-factum both internally and externally Difficulty demonstrating compliance post-factum both internally and externally
  • Difficulty demonstrating Client’s compliance Difficulty demonstrating Client’s compliance
  • Processes not consistently adhered to Processes not consistently adhered to
  • Audits take time and increase costs Audits take time and increase costs

Operational

  • Cost of resources Cost of resources
  • Manual inputs and human error Manual inputs and human error
  • Keeping people and processes up to date with ever-changing legislation Keeping people and processes up to date with ever-changing legislation
  • Disparate systems that don’t/can’t talk to each other Disparate systems that don’t/can’t talk to each other

Client facing

  • Clients don’t like tax forms Clients don’t like tax forms
  • Clients may have faced  multiple requests from different business units Clients may have faced multiple requests from different business units
  • Delays between submission of information and feedback Delays between submission of information and feedback
  • Delays to business and satisfaction Delays to business and satisfaction

TAINA targets these through automation and a customer-friendly approach

Regulatory and Governance

  • Advanced audit demonstrates compliance post-factum both internally and externally Advanced audit demonstrates compliance post-factum both internally and externally
  • Demonstrates Client’s compliance Demonstrates Client’s compliance
  • Delivers a demonstrably consistent process Delivers a demonstrably consistent process
  • Reduces audit time and risk Reduces audit time and risk

Operational

  • End-to-end system that can easily be integrated to different core and legacy systems End-to-end system that can easily be integrated to different core and legacy systems
  • Automated and consistent rule set Automated and consistent rule set
  • TAINA maintains up-to-date rulesets so you don’t have to TAINA maintains up-to-date rulesets so you don’t have to
  • Automation drives efficiencies Automation drives efficiencies

Client facing

  • TAINA makes it easy and quick to complete tax forms TAINA makes it easy and quick to complete tax forms
  • TAINA’s system enables sharing of tax forms across business units TAINA’s system enables sharing of tax forms across business units
  • Instantaneous validation of inputs cuts out delays in response Instantaneous validation of inputs cuts out delays in response
  • Reduces delays to business and delivers increased satisfaction Reduces delays to business and delivers increased satisfaction

Get in touch with TAINA

Headquarters
Level 39, One Canada Square, Canary Wharf, London, E14 5AB
london@TAINA.tech

 

New York
Morgan Stanley Innovation Lab, 1585 Broadway, NYC
nyc@TAINA.tech

 

A special note to the visionary innovators amongst our clients – we will be happy to work with you to fit TAINA to your specific requirements.

Contact us to arrange a demo or request more information: tell_me_more@TAINA.tech

Come work with us! We are recruiting exceptional tech talent: Recruitment@TAINA.tech