Oracle Financial Services Introduces Oracle Financial Services Foreign Account Tax Compliance Act (FATCA) Management

Thu Feb 21, 2013 8:00am EST

* Reuters is not responsible for the content in this press release.

  NEW YORK, NY, Feb 21 (Marketwire) -- 
Oracle Financial Services and Insurance Forum -- Oracle (NASDAQ: ORCL)

    News Facts


--  To help financial institutions prepare for Foreign Account Tax
    Compliance Act (FATCA) provisions that will begin to go into effect in
    2014, Oracle today introduced Oracle Financial Services Foreign
    Account Tax Compliance Act Management.
--  Under FATCA, all financial institutions -- U.S. domestic and foreign
    -- must classify account holders as either U.S. or non-U.S. based and
    report directly to the United States Internal Revenue Service specific
    information about financial accounts held by U.S. taxpayers or by
    foreign entities in which U.S. taxpayers hold a substantial ownership
    interest. It will require organizations to analyze existing customers,
    update customer information and onboarding processes and expand
    reporting capabilities.
--  Oracle's comprehensive solution for account holder onboarding and
    categorization, due diligence and reporting helps financial services
    institutions streamline processes for immediate as well as long-term
    compliance with FATCA, while minimizing impact to their existing
    information technology infrastructure.
--  Oracle Financial Services Foreign Account Tax Compliance Act
    Management consolidates FATCA-specific data in a single repository to
    provide an enterprise-wide view of customers and enable banks to
    centrally manage the compliance process.
--  By leveraging best practices for due diligence -- across anti-money
    laundering, Know-Your-Customer requirements, operational risk and
    regulatory reporting -- along with Oracle's industry-leading
    compliance architecture, the solution can help reduce risk and
    accelerate organizational readiness.
--  Using the new platform, financial institutions can seamlessly add new
    accounts and efficiently manage current accounts -- collecting
    information required under FATCA. In addition, pre-configured and
    validated account categorization, indicia and existing account review
    rules, as well as audit trail capabilities and reporting templates
    facilitate compliance processes.
--  Oracle Financial Services Foreign Account Tax Compliance Act
    Management easily integrates with existing Oracle and third-party
    applications using standard batch interfaces, helping to accelerate
    time to deployment and optimize a bank's existing technology
    investment.
--  The solution is built on the industry-leading Oracle Financial
    Services Analytical Applications Infrastructure and leverages a common
    data model, built specifically for the financial services industry, to
    support compliance solutions.

    

Supporting Quote


--  "With FATCA slated to begin to go into effect 2014, financial
    institutions around the globe realize they must begin to take action
    now to prepare for compliance," said S. Ramakrishnan, group vice
    president and general manager, Oracle Financial Services Analytical
    Applications. "They are looking for solutions to streamline the
    compliance process with minimal impact on their existing IT
    environment. Oracle designed Oracle Financial Services Foreign Account
    Tax Compliance Act Management to these exact specifications, using
    Oracle Financial Services Analytical Applications Infrastructure, a
    common data model, and best practice capabilities to facilitate short-
    and long-term compliance."

    

Supporting Resources 


--  Oracle Financial Services
--  Oracle Financial Services Foreign Account Tax Compliance Act
    Management
--  Oracle Financial Services Analytical Applications Infrastructure
--  Follow Oracle Financial Services on Twitter
--  Join the Oracle Financial Services Community on Facebook
--  Subscribe to the Oracle Financial Services YouTube Channel
--  Follow the Oracle Financial Services Blog

    

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together in the cloud and in your data center. For more information about
Oracle (NASDAQ: ORCL), visit www.oracle.com.

    About Oracle in Industries
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company's best-in-class portfolio of products to address complex business
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Contacts
Carla Foster
Oracle
+1.650.867.7012
carla.croghan@oracle.com

Mary Tobin
O'Keeffe & Company
+1.503.658.7396
mtobin@okco.com 

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