Client: Large German international Bank

  • The Foreign Account Tax Compliance Act (FATCA)  requires foreign financial institutions to report information of accounts held by US taxpayers holding a substantial ownership interest
  • GFT has closely worked with client’s Application Services (AS), Business Solutions (BS) and Professional Services Unit (PSU) to create a solution compliant with requested FATCA guidelines
  • In scope is the definition of new attributes inside Database together with batch and on-line handling of them
  • The project integrates a Mainframe solution with a C/Plateau frontend and a DWH based reporting
  • Working model across four locations in three different countries:
    • GFT consultants have worked on-site in Frankfurt together with BS, AS and PSU, providing business and functional analysis.
    • Meanwhile, a total of 15 GFT professionals from Zaragoza, Sant Cugat (Spain) and Sorocaba (Brazil) have taken part on the project management, technical design, development and testing phases.
  •  Project endowed with over 350 MD overall in 2012.

During next years, and following the initiative driven by the client in Germany, it is expected for the rest of European and international financial institutions of the engaged countries to begin the adaption of their IT systems to the FATCA initiative.  GFT is in a strong position to offer the acquired knowledge and expertise for those upcoming challenges.

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