Fusion launches FATCA & CRS xml file correction service
Mar 8, 2018
In response to an increasing stream of enquiries from organisations being asked to submit corrected FATCA submission files by their local tax authority, Fusion has launched an online service which enables processing of any XML submission files through its Flyingboat Tax Data Exchange Service.
The US Internal Revenue Service has been requesting corrections for many US FATCA files that were submitted in 2017 that passed Tax Authority validation on submission but are being subject to more stringent validation by the IRS.
Alan Rowe Director at Fusion Systems commented. “For many financial institutions this additional regulatory burden to correct report files presents a considerable challenge as they lack the software, skills or know how to perform corrections. Whilst users of our software can readily generate corrections, financial institutions whose XML production processes were less sophisticated are really struggling and our service can readily and easily solve the problem.”
For more information on the file correction service please contact our customer engagement team through the contact page on our website.
Flyingboat Tax Data Exchange is a software solution and online service for generating FATCA and CRS xml report files. Launched in 2015 the software and service have been satisfying the reporting needs of all types of financial institutions around the world. More details on the software and service can be found here.