|By Business Wire||
|June 25, 2014 11:27 AM EDT||
Today, Navigant (NYSE: NCI) and Appway announced that FATCA FIND®, Navigant’s proprietary software solution designed to efficiently address the onerous requirements for pre-existing account review dictated by the Foreign Account Tax Compliance Act (FATCA), has been enhanced by combining Appway’s award-winning technology with Navigant’s industry-leading financial services expertise.
“The July 1, 2014 deadline for complying with FATCA is quickly approaching and enforcement will follow. Financial institutions need strong, proven technology to help them review hundreds of thousands of accounts for compliance,” states Ellen Zimiles, Managing Director and leader of Navigant’s Global Investigations & Compliance practice. “With FATCA FIND now on the Appway Platform, companies can seamlessly apply a robust tool to automate parts of this complex review process.”
FATCA FIND is a logic-based, question-driven application that combines Navigant’s FATCA expertise with Appway’s cutting-edge technology. FATCA FIND, through collaboration with Appway, has been enhanced with an improved support infrastructure and is quicker to install and easier to configure. Additionally, the solution enables full traceability, and allows both novice and expert FATCA resources to simply and efficiently complete account reviews.
FATCA takes effect July 1, 2014 and requires non-U.S. financial institutions to identify account holders who are U.S. citizens and residents and to categorize entity account holders into one of a number of classifications. The data points required for this analysis can often be found in the electronic and paper records associated with each account. FATCA FIND assesses account data as required for FATCA compliance in both Intergovernmental Agreement (“IGA”) and non-IGA countries.
FATCA is among the top priorities that Appway addresses in client onboarding for the financial services industry. “We’re excited to merge Appway’s technology and commitment to compliance with Navigant’s detailed FATCA knowledge to assure that financial institutions meet FATCA requirements and continue to deliver high quality client service,” said Philip Schoch, Appway’s Product Manager for Client Onboarding.
More information about FATCA FIND and Navigant’s FATCA services can be found at www.navigant.com/fatca.
About Navigant’s Global Investigations & Compliance Practice
Navigant’s Global Investigations & Compliance practice brings critical expertise and resources to clients to assist them with identifying, assessing and managing the compliance and business risks related to financial economic crimes, money laundering, sanctions, bribery and corruption matters, investigative due diligence, FATCA, monitoring and forensic accounting investigations related to fraud, waste and abuse.
Navigant (NYSE: NCI) is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com. FATCA FIND® is a registered service mark of Navigant.
About Appway Client Onboarding
Appway is the global leader in client onboarding for the financial services industry. In an era of soaring global competition and increased regulations, Appway Client Onboarding boosts efficiency, assures legal and tax compliance, and guarantees outstanding client experience. Flexible and agile, Appway’s award-winning Client Onboarding empowers financial institutions to adapt quickly to external pressures and create high-quality digital experiences. www.appway.com/clientonboarding
Appway empowers the service industries to move beyond automation toward ongoing digital transformation. With its seamless orchestration of people, knowledge, and systems, Appway promotes collective intelligence and enables businesses to reinvent for the digital age. Headquartered in Zurich with offices in New York, Hong Kong, and Singapore, Appway and its award-winning technology serve over 100 service institutions and 175,000 individuals worldwide. www.appway.com
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