SIX Financial Information has signed its first Fatca data contract in the UK with a leading global investment bank. Further contracts have also been signed across Europe.
Clients will profit from SI´s FATCA solution, recognized as best in class by A-Team´s DMS awards. SIX Financial Information will provide Foreign Account Tax Compliance Act (FATCA) relevant reference data through its flagship product Valordata Feed (VDF) to integrate with the clients' securities database.
The VDF data model enables linkage between the FATCA entity type and Foreign Financial Institution (FFI) status together with the tax status at the level of individual instruments and hence enables the appropriate tax withholding. These identifiers jointly form the basis for correct reporting under the FATCA regime, due to come into force on 1 July 2014.
Being able to intelligently link data is one of SIX Financial Information's strengths. VDF can, for instance, link the Global Intermediary Identification Number (GIIN) that the IRS is introducing to identify FFIs with other company identifiers, such as the Legal Entity Identifier (LEI) or the D-U-N-S® Number.
Dominique Tanner, Head Business Development at SIX Financial Information, comments "With the recent confirmation of the FATCA deadline, many more firms are now recognizing the importance of getting their FATCA solutions tested and ready - leaving it too late could end up being costly."
This month, SIX has also received the "Best Solution for FATCA" award at the DMS Data Management Awards from A-Team Group. The DMS Data Management Awards acknowledge industry excellence within market data, reference data and enterprise data management. The accolades are awarded to the companies who receive the highest number of votes in each category from A-Team's wide readership and were presented at the A-Team Data Management Summit on October 3, 2013 in London.
"We are delighted that our FATCA solution has been recognized as best in class by the DMS Awards and further endorsed by our clients. This recognises our innovation and expertise in the area of compliance and regulation," concludes Martin Cole, Managing Director of SIX Financial Information UK.