Mahindra Satyam, Dion to jointly offer software solutions

HYDERABAD: MahindraSatyam and Dion Global Solutions on Tuesday said they would offer software solutions to assist financial institutions in Australia and New Zealand to meet US Foreign Tax Compliance Act Regulations.


According to a release issued by MSat, Dion's FATCA TRAC solutions, developed in partnership with MSat, is a comprehensive FATCA compliance solution for providing tools for effective management of the Act, client classification and remediation withholding the report.

The jointly developed FATCA TRAC product enables to combine the product development expertise of Dion with Mahindra Satyam's ability to deliver solutions to business problems, Mahindra Satyam senior vice president, Asia-Pac, India and MEA, Rohit Gandhi said.

"The FATCA TRAC product will enable financial institutions to be FATCA compliant in an effective and efficient manner," Gandhi said.

The two firms, which are currently implementing the solution in the North American markets, are now bringing their FATCA solution to Australia and New Zealand, the release further said.

Joe Nash, Managing Director-Asia Pacific at Dion, said in an increasingly crowded regulatory landscape, firms need flexible solutions that not only fit around existing technology and processes, but also meet new demands and changing requirements.

"This is particularly important for institutions operating across multiple jurisdictions where a FATCA IGA may be signed at any point. FATCA TRAC was built to reflect this demand, enabling firms to intelligently comply with FATCA as it stands now and in the future," Nash said.

FATCA TRAC can be aligned with existing core processing systems, which means ANZ financial institutions can meet the compliance deadline faster, with lower costs and yet keep up to date with future changes to US Treasury regulations, the release added.