Try our online CRS/FATCA Data Validation App For Free!
CRS/FATCA reporting is a requirement for all financial services organisations whereby they make annual reports on their clients’ assets and revenue to the relevant countries’ tax authorities.
The required data exists across multiple systems, expires and changes frequently and the reporting is in a nasty XML schema that is hard for humans to prepare.
Typical problems include…
Manual data preparation requiring FTE’s for months
Poor quality data
Unreliable reporting platforms that need to be updated for every year’s rule changes
Unreconcilable previous balances
Unexplained year-on-year differences
Data sharing rules
….basically, it’s a nightmare, and it’s getting worse as tax authorities tighten rules and are starting to fine late and inconsistent returns.
(If you want to watch Dan talk about these and other issues, please take a look at the Alteryx "CRS/FATCA" Fireside Chat series)
So, to help organisations everywhere, that’s why we’ve built a new online tool to help clients check multiple validation rules all at the same time.
2021 has been particularly difficult, with many companies only reporting at the last minute and requiring significant senior management input.
With businesses often required to report a high volume of accounts, relying on manual processes to verify data quality is not good enough - errors within source systems can easily slip through sample checking and find their way into reporting.
For these reasons, growing numbers of our clients rely on Alteryx and its transparency as the means to combine disparate data and then repeatably measure and ensure data quality.
To read about how Continuum helped a client to use Alteryx for an urgent CRS/FATCA 2019 and 2020 report resubmission, read more here!
As a first step to being able to help all organisations, George has developed a really cool Alteryx CRS/FATCA data validation application that anyone can use just by uploading a simple spreadsheet, the template for which we also provide.
The application applies validation rules from the OECD and IRS guidelines against each account, as well as best practice guidance from tax specialists, and outputs all failed validations.
Typical rules being checked…
PO Box addresses
Wrong format or out of date TIN’s for a number of jurisdictions
Out of range dates of birth
Incorrect city name
…and more!
Until now, this has only been available onsite to Continuum clients.
However, to expand our offering we have partnered with the amazing Demand Data to use their Analytic Application Marketplace.
This marketplace allows us to upload and share our Alteryx expertise with many more people.
Organisations will be able to use this service in the following ways ;
Continuum clients - free use of online app and macro for on-premises usage
Other Alteryx users - free use of online app and macro for now, then a paid service via low-cost credits purchased from Continuum.
Non-Alteryx users - free use of online app, chargeable as above in the future.
Our fully paid up trial is now available in the “Friends of Continuum” member area. To join our members area use the button below. You will be asked to create an account and then you will receive a Welcome email and a “Please confirm your subscription” email.
Once you have logged in you can access the tool via the Account menu top tight or directly with this link.
Give it a go, and please let us know how you get on via enquiries@continuum.je!!!