Software Daten Service (SDS), the Austrian market leader for standardised banking and financial services software, and the management consulting company Detecon (Switzerland) AG cooperate concerning the introduction of FATCA reporting. The target markets are Switzerland and the Middle East.
Based on the Foreign Account Tax Compliance Act (FATCA), all banks and financial services providers worldwide are obliged to meet the new and stricter reporting requirements of the American Internal Revenue Service (IRS) as of 2013. "By cooperating with Detecon we are now able to offer our customers a package, which encompasses - in addition to know-how, services and software solutions - the IT application FATCA Reporting Engine including all regulations as well as QI reporting", explains Wolfgang Goeb, Head of Business Development at SDS.
Ljubica Grgic, FATCA expert of Detecon, adds: "Our cooperation focuses on all relevant FATCA requirements - from data model development and the adjustment of existing processes and IT systems to reorganisation." Detecon ranks among the world´s leading consulting firms.
The first joint presentation of Detecon and SDS will take place at the FATCA conference in Dubai from 12-15 February 2012. Ljubica Grgic, Compliance & Risk Management at Detecon Schweiz, and Wolfgang Goeb, Head of Business Development at SDS, outline the challenges of FATCA and present the solution portfolio of both companies.
Software Daten Service (SDS), a subsidiary of T-Systems, specialises in the development of banking software, in particular for international securities processing. With the GEOS Suite, SDS offers a software for the real-time processing of securities and derivatives for international financial services providers. The latest product in the GEOS Suite is the FATCA Reporting Engine which enables a reliable processing of the new American reporting requirements.
Detecon Consulting is one of the world´s leading consultancy firms for integrated management and technology consulting. Detecon (Switzerland) AG, which is headquartered in Zurich and has approximately 150 employees, unites financial management with ICT management competencies and focuses on the individual requirements of CFOs and CIOs from various industries.
