Newgen Software Inc., a leading global provider of Business Process Management (BPM), Enterprise Content Management (ECM), Customer Communication Management (CCM) and Case Management (CM) solutions, is pleased to announce the successful deployment of Automatic Exchange of Information filing module for both the Foreign Account Tax Compliant Act (FATCA) and Common Reporting Standard (CRS) for the Barbados Revenue Authority. Newgen implemented the solution in a short period of five weeks, which will eliminate manual filing and improve process efficiencies.
Newgen’s FATCA Solution is built on its proven BPM, ECM and Business Activity Monitoring tool, which offer a highly secure solution for end-to-end automation of FATCA and CRS. This enables self-registration of financial institutions, managing reports and activities and automated exchange of information and extensive validation of FATCA and CRS data. The configuration option enables little or no manual interaction with the system.
On this successful implementation Mr. Anand Raman, Vice President, Newgen Software Inc. said, “Newgen supports the vision of efficient and effective delivery of public sector services. Our products are aimed to deliver customer centric services at optimized cost. We look forward to strengthen this partnership, and enable the Barbados Revenue Authority to ensure better service delivery and greater transparency, with the use of Newgen’s FATCA module.”
Mr. Anthony Gittens, Senior Manager Policy and Planning, Barbados Revenue Authority said, “Incorporating Newgen’s FATCA module to automate the FATCA and CRS compliance process will enhance the efficiency of filing. Newgen’s deployment of this online solution was commendable and they executed it within a short timeframe.”
Newgen is one of the only companies that provides FATCA Reporting solutions for both financial institutions as well as tax authorities. It’s FATCA and CRS solution has been implemented in other jurisdictions, such as Antigua & Barbuda, St. Lucia, and St. Vincent & the Grenadines and are awaiting cabinet approvals in five more territories. Newgen is also working with financial institutions in the Caribbean, Middle East, Africa and Asia-Pacific for its FATCA module.
Newgen Software Inc. is a global leader in banking process automation with more than 200 leading banks and financial services institutions as its clients. Newgen’s banking process management framework automates critical business processes for banking institutions across commercial lending, consumer lending, customer on-boarding, online account opening, trade finance, digital and mobile customer experience strategy.