A complete and automated AEOI solution for Tax Authorities

Tax Authorities, CRS and FATCA

Vizor AEOI provides 100% of the functionality required for effective AEOI as required either in compliance with the CRS or FATCA. With a product specifically aimed at cross-border information sharing for tax authorities, Vizor offers ongoing support, and continuously upgrades its software ensuring compliance with any future changes to the standards for AEOI.

The Vizor AEOI solution has already been implemented by 2 early adopter jurisdictions who successfully exchanged information under the CRS in September 2017. In total, the solution has been selected by over 12 jurisdictions, including the Cayman Islands, British Virgin Islands, New Zealand, Saudi Arabia, and Kuwait.

 

A robust, future-proof AEOI system must:

  1. Comply with OECD standards for AEOI as set out under the Common Reporting Standard (CRS); and/or

  2. Comply with U.S. FATCA requirements

  3. Manage complex rules across multiple jurisdictions.

  4. Manage and automate account due diligence requirements.

  5. Identify errors in CRS and FATCA disclosures, over and above those identified within the XML schemas

  6. Ensure the integrity and security of the data, and provide extensive audit trail capabilities.



Vizor for AEOI Benefits for Tax Authorities

  1. Meet Your Commitments: Meet your CRS, FATCA and future international tax commitments with an effective, user-friendly out-of-the-box solution.

  2. Save Money: Vizor AEOI is a cost-effective solution for Tax Authorities – most solutions built in-house significantly underestimate scope, cost, and complexity.

  3. Save Time: Our solution can be implemented quickly and efficiently allowing you to meet AEOI timelines and deadlines easily.

  4. Peace of Mind: Vizor Software is proven, secure and trusted technology, implemented across the globe for the collection of sensitive data from Financial Institutions.

  5. Operational Efficiency: The Vizor solution can operate in a ‘fully automated mode’ requiring minimal manual intervention, guaranteeing your resources are free to focus on your core business.

  6. Benefit From Our AEOI Expertise: Having developed and implemented Vizor Software for CRS and FATCA for many tax authorities, the Vizor Team brings a wealth of tax knowledge and experience to the table



Vizor AEOI Product Highlights

  1. User-friendly Financial Institution self-registration and account creation

  2. Tax Authority monitoring and approval workflow for Financial Institution registration

  3. Financial Institution upload facility for CRS and FATCA data in XML format, as well as manual data entry via web forms for smaller and less sophisticated FIs

  4. Extensive validation of CRS and FATCA data, including validation against XML schema, validation against account information, GIIN validation, and many additional business rules

  5. Automated transmission and exchange of FATCA data with the IRS

  6. Configuration options for running in “fully automated” mode, so that little or no manual interaction with the system is required for the Tax Authority.

  7. Management reports for monitoring, tracking and reviewing information within the system

  8. All data is available in a single, fully-searchable repository, including data provided on a reciprocal basis under AEOI.

  9. Automated exchange of information with other jurisdictions as they commit to the standard

  10. Support for all changes to CRS and FATCA data schemas

  11. Localization support including right to left languages such as Arabic

  12. Integrates with existing systems, such as Active Directory

  13. Integrates with existing data, such as a domestic taxpayer database to enable record matching



Why Choose Vizor Software?

  1. For the past 17 years, Vizor Software has been trusted by Government Agencies such as Central Banks and Financial Regulators for the collection and validation of highly complex data from Financial Institutions.

  2. For the past 3 years, Vizor has been used by Tax Authorities to meet their cross-border information exchange needs. With 12 jurisdictions as customers, it is now the market leader.

  3. Vizor AEOI is built on our supervisory platform. It is a scalable and flexible solution that removes the technology headache for Tax Authorities.

  4. Vizor AEOI is a full-service integrated solution built from the ground up to comply with international standards and best-practices, and tailored to address CRS & FATCA compliance.

  5. Vizor is the only provider of an out-of-the-box solution that meets all of your current CRS and FATCA requirements in a 6-week 'go-live' timeline.

  6. New modules being rolled out in 2018 include Country by Country (CbC) Reporting and Exchange of Tax Rulings (ETR)

  7. Outreach program to the Financial Institution community included as part of our standard project approach with the option of a Vizor managed Financial Institution helpdesk.



Why Vizor and not in-house?

  1. Experience has shown that the scope and complexity of building an effective secure system are significantly underestimated, and key resources are pulled away from your primary functions.

  2. Cost, logistics, and required skill sets are miscalculated, and the burden on an already stretched IT department is dramatically increased.

  3. System maintenance becomes a headache, especially when requirements change over time.

  4. The Vizor solution has been mapped exactly against the requirements under CRS and FATCA with over 60 validation rules inbuilt into the system ensuring that your jurisdiction complies fully with its international AEOI obligations.





To learn how Vizor software simplifies AEOI with a solution that can be implemented in as little as 6 weeks, contact us to arrange for an online or onsite demonstration.



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