FATCA Compliance Solution by Newgen


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FATCA Compliance Solution by Newgen

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  • Good Morning and Good Evening to all, Depending on which time zone you are in, I know there are a lot of people who have joined from as far as Europe and Asia on this webinar. Many thanks to my fellow distinguished speakers, Paul and Michael for their thought leadership from Advisory and Industry perspective to FATCA. I would cover the third dimension of the FATCA initiative that defines the solution platform to enable FATCA implementation.
  • 150 + Banking/FI and Insurance customers, 50 + countries100% customer success rate and ROI track recordExceptional HR practices and best employee retention ratesNo failed implementation till date
  • We went back to 200 banks and insurance companies and did a survey with the CRO/Head Legal and CIO’s on how they are looking at FATCA and these were some of the key findings.
  • Newgen specializes in providing
  • FATCA Compliance Solution by Newgen

    1. 1. FATCA – A Newgen viewpoint presentationUntamedUn CharteredUnknown
    2. 2. • Software Products in Business Process Management (BPM),Enterprise Content Management (ECM) & Customer CommunicationManagement (CCM)• Global footprint with 800+ ECM and BPM installations in 40countries across Verticals• Over 150+ customer’s in BFSI• Established Engagement in the Caribbeans.• Over 100+ mission-critical processes deployments• Credited with some of the world’s largest implementations• Innovative culture, Consistent R&D investments, 35 patents• Certified for ISO 9001:2008, ISO 27001:2005 and CMMI Level3InvestorsOfficesUSAUKUAEMalaysiaIndiaNewgen Overview
    3. 3. What does it take to be the best
    4. 4. Always one step aheadThat’s where we keep our clients
    5. 5. 1. Timing : FATCA is now a timing challenge (not just in terms of key dates but pace ofpreparation and execution readiness).2. Business Impact: FATCA will have ‘front-to-back’ impact through financial institutions:from customer awareness and information management, through establishing aTransparent, Repeatable and Consistent Process.3. Opportunity: FATCA is not just a challenge, it is an opportunity: to improve customerdata quality and availability, to open new dialog with customers, to transformcompliance in this key area. FATCA will have major implications for customer dataquality and availability.4. Imperative and Impending: FATCA is a ‘must fix’ not a ‘maybe fix’, it at a ‘five minutesto midnight’ critical stage – it WILL happen and financial institutions need to have aclear picture of their readiness.5. Immediate: The time to act is NOW.FATCA – The road ahead5
    6. 6. 6Agile Solution Framework
    7. 7. Financial Service FrameworksRevenue Growth Customer Experience Operational Risk and EfficiencyRetailLendingWealthCardCommercialDefaultManagementSecuritiesChecksIssuerAcquirerCollectionsCommercialCustomer OnboardingKnow your CustomerUp Selling/CrossSellingNewgen Unified Process Automation Framework (UPAF)PaymentsBranchCentralizationandAutomationCompliance- FATCACorporate CreditExceptionsManagementRequestManagement andQuery ManagementCustomerCommunicationManagementImagingDocumentManagement SystemBusiness ProcessManagementCustomerCommunicationManagement
    8. 8. Retail andCommercialBankingInsuranceInvestmentBankingCustodianand AssetManagementCross Industry Platform8AuditAccurateAgileIdentificationClassificationDocumentationRetentionMaintenanceReporting
    9. 9. Comprehensive FATCA solution framework9KYC and Due DiligenceRules basedIdentification andClassificationConfigurable softtemplates for bestpracticesAlerts, Exceptions andEscalation ManagementAutomation frameworkfor communicationmanagement and AuditDocuments and RecordsManagementDashboards forRegulatory ReportingUS Indicia andAggregate Balancechecks and controlchartsWithholding rules andassociated reportingInitiationDueDiligenceRisk Rating Decisioning
    10. 10. FATCA – Agility, Readiness and CompletenessLegacy SystemsCheckPointsKnow Your Customer SystemCIFRecordsOnBoardingUSIndiciaUS CitizenshipMailingAddressPermanentAddressArticles ofIncorporationCountry ofIncorporationW-9 FormUnderlying/Related PartyRegistration and SegregationMasterFolderRules drivenDue DiligenceCase ValidationValue ofAccountExemptDue Diligence and AuditDocumentationDueDiligenceClassificationRecalcitrantNon-USAcctDecision and ReportingAuto-ResolveReport to TaxUSAcctIntegrationsMonitoring and ControlWHT ReportingCore SystemsXYZ CorpXYZ Corp•KYC Details•Account Info•ValidationsFor Futureuse, compliancereview, reportingFor Futureuse, compliancereview, reportingCase ManagementDocument ManagementCommunication Management
    11. 11. 11Rome was not build in a daySlow Trigger, Fast BulletDriving Compliance through Process Automation
    12. 12. How do I educate my peers on what we need to do?How can I engage re-using yourBest practices templates?How can we engage to createbusiness case?How do we build process KPI’s and Dashboards?Where do I start? 30/60/90 day plan……..How do we Engage – Our FATCA Engagement Model
    13. 13. 13Completeness and Readiness of a Future Ready Solution.Reduced risk through best practice templates and on-timeimplementation.Significantly lower resource tie-upMuch lower costs for the solution to adapt to new requirements with theconfigurable BPM frameworkPredictable maintenance costs and user empowered training programLower TCO driven by 60-90 day roadmapNew age technology enables ease of integration with multiple systemsExtensibility of the solution to other valuable process automationinitiatives.Newgen – Value Add
    14. 14. 14Together we Win
    15. 15. 15Ashish Deshmukh_________________________________________________________________Director- Business Development | Newgen Software Inc. |Cell : 703-439-0703 | 1364 Beverly Road, Suite 300, Mclean, VA – 20121adeshmukh@newgen.co.inLets make a difference together