Business services provider Navigant Consulting Inc. (NCI) teamed up with Appway, a leader in client onboarding services, to enhance its proprietary software solution FATCA FIND. The software has been designed to assist corporate firms in complying efficiently with the stipulated requirements for pre-existing account review as dictated by Foreign Account Tax Compliance Act (:FATCA).
FATCA FIND is a logic-based, question-driven software application that seamlessly combines Navigant's FATCA know-how with Appway's cutting-edge technology.
The FATCA is a statute that intends to combat offshore tax evasion by U.S. taxpayers. It directs a foreign financial institution (:FFI) to identify accounts of U.S. taxpayers worldwide and report them to the Internal Revenue Service. Any failure to comply with the Act will result in a 30% withholding tax imposed on certain payments made to non-compliant entities and individuals.
Effective Jul 1, 2014, FATCA will require FFIs to identify the said account-holders and categorize them per the guidelines. The process is cumbersome and time-consuming, and entails global coordination among FFIs. To conform to the guidelines, the institutions need a strong, proven technology platform for review and classification of numerous accounts.
FATCA FIND Platform
FATCA FIND integrates Appway’s award-winning technology into Navigant’s industry-leading expertise in financial services. The software is a web-based tool that helps FFIs to analyze huge volumes of account data, identify accounts, classify the documentation and determine further steps.
The collaboration has resulted in a superior support infrastructure that is quicker to install, with straightforward configurations. Moreover, the Appway platform will ensure that the institutions can automate sections of the intricate review process, while allowing full traceability.
Navigant provides vital expertise and resources to its clientele to assist them in FATCA compliance. In addition to FATCA FIND, the company offers FATCA FILTER, a proprietary software solution that gives FFIs a head-start in FATCA pre-existing account analyses in a cost-effective manner.
Navigant currently holds a Zacks Rank #5 (Strong Sell). Some better-ranked stocks in the consulting industry include Huron Consulting Group Inc. (HURN), The Hackett Group, Inc. (HCKT) and NV5 Holdings, Inc. (NVEE). Each of these stocks carry a Zacks Rank #2 (Buy).