efileConnect: Who, What & Why?
In 2014, US FATCA reporting on US related people was the first wakeup call and insight into the complexity of managing the entire process of the electronic filing of tax information.
The OECD CRS early adopting countries then massively multiplied not only the obligation of organisations to file but also exponentially increased (i) the work and cost of AEOI processing and reporting and (ii) the significant risk and potential penalties of non or poor compliance.
To mitigate these challenges and associated costs, successful organistions will likely find it a necessity to include a quality and sustainable AEOI Tax Reporting solution within their strategic Technology Business Management and Regulatory Technology plans.
ViewPoint’s efileConnect is such solution.
Who are ViewPoint RegTech?
Focusing on developing solutions to cater for specialized needs of practitioners within the niche Entity & Wealth management industry, ViewPoint Software for Business was formed in the early nineties. It has continuously and organically grown to become the world leading Entity & Wealth solution of choice for over 10,000 users in more than 40 countries.
In recognition that, though relevant within the Entity Management industry, Regulatory Technology – including AEOI management and compliance solutions – has a much wider audience. An audience that needs regulatory technology streamlined solutions.
Providing this streamlining is the role of ViewPoint’s dedicated regulatory technology arm – ViewPoint RegTech.
Starting with AEOI Submission Management, ViewPoint RegTech’s mission is to develop innovative, reliable and sustainable solutions to assist organisations with their regulatory technology needs.
efileConnect is a cloud based secure end-to-end AEOI Process Management & Electronic Filing Solution. Managing the global requirements of both US FATCA and OECD CRS, as well as being capable of any form of electronic filing.
It is extremely scalable; equally suitable for an entire remit of organisation sizes. For example, its multi-tenant hosted architecture can provide a very cost-effective single user solution. Similarly, the same technology can provide a state of the art internally hosted white label solution configured to reflect an organisation’s own unique branding and corporate identity. Scalable to a practically unlimited number of internal and external users.
A hybrid solution provides not only a secure online solution internally, but also to clients or outsourcing partners as a cost effective yet potentially significant value adding and highly differentiating service.
AEOI submission management is complex. Submissions need to be both timely and accurate – penalties for failing to meet these criteria can be harsh! Meeting the criteria requires either outsourcing or a quality and sustainable solution.
efileConnect utilises the experiences of 20+ years developing regulatory solutions coupled with the latest technologies to provide a secure, globally capable and reliable solution that is easy to use, well designed and cost effective.
efileConnect is highly scalable from a single user upwards, making it a very practical solution to three core AEOI filing client segments:
- Any RFI (Reporting Financial Intermediary) with an obligation to make FATCA and/or CRS report submissions
- Any SP (Service Provider) who provides FATCA and/or CRS report preparation and submission services to FIs (Financial Intermediaries) with an obligation to file
- Any SP who wants to provide access to an online solution to other service providers and financial intermediaries to assist with AEOI submission requirements