Fund Administrators, Share Transfer Agents and Managed Service Providers

Managed Service Providers help Financial Institutions deal with the challenges of FATCA and CRS compliance. Their challenge is to help Financial Institutions demonstrate robust compliance whilst taking care of the operational aspects. 

 

TAINA can help fulfil this mission by saving time, freeing up people and providing the ability to evidence robust compliance.

Why is TAINA different?

Key value drivers of TAINA for Fund Administrators and Managed Service Providers

  • Demonstrate compliance with a fully automated robust process and a transparent up-to-date rule set
  • 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
  • Multi-tenancy architecture enables the easy maintenance of multiple distinct clients
  • Fully configurable and adaptable e.g. a financial 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
  • TAINA’s OCR tool is fully adaptable e.g. can map in institution’s own Self-Certification forms
  • Performs validation for different tax regimes (FATCA , Chapter 3, CRS) in the same module, at the same time; the appropriate business rules can be activated with a click of a button
  • In the online solution, investors 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

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 Changes 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 makes impenetrable language easy to understand
  • Reasons to Know and Changes in Circumstances ensure continuous compliance
  • 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, 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
  • Robust cyber and data security safeguards are at the heart of our platform’s design and architecture
  • GDPR compliant

Unrivalled scale and service

TAINA helps Fund Administrators and Managed Service Providers to grow their
business by giving them the ability to scale up their services at a reduced cost

 

Fund Manager solution flow diagram.svg

Key pain points addressed by TAINA solutions

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

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

Financial Institutions Ultimate Clients

  • 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 a robust but flexible workflow and advanced data analysis capability

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

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

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