BOSTON, MA--(Marketwired - Feb 12, 2014) - Trillium Software, A Harte Hanks Company, (NYSE: HHS) and a leading provider of data assurance solutions for financial services organizations, and Convey Compliance Systems, Inc., the country's leading tax information reporting service provider, have formed a technology and consulting alliance to help financial institutions accelerate compliance with the Foreign Account Tax Compliance Act (FATCA).
Under the FATCA regulation, foreign financial institutions are required to accurately identify, classify and report all clients with US indicia to the US Internal Revenue Service, or face severe penalties. These compliance demands are putting pressure on financial institutions to verify that their client data is sufficiently complete, accurate and free of conflicts to allow applicable accounts to be identified, classified and then reported to the appropriate authorities. The process can be complex, resource intensive, and pose risks to important client relationships.
"Identifying, reporting, and classifying all clients that need to be assessed under FATCA guidelines is a complex and time-consuming task. And yet, financial institutions cannot determine just how massive that undertaking may be until they dig deep into their client data," said Michael Hutnyan, executive vice president, sales and solution strategy at Trillium Software. "By offering a robust FATCA solution that not only expedites the compliance process, but also minimizes costs and assures data integrity, we can help financial institutions avoid penalties while enhancing client service and communication."
By unifying Trillium's proven self-service data assurance capabilities with Convey's leading FATCA tax information reporting (TIR) platform, financial institutions can leverage a sophisticated, yet easy-to-use FATCA solution to expedite compliance while minimizing associated costs, resources and risks. Business leaders can benefit from a proven, repeatable business-as-usual process that can help them fully scope their FATCA project; create accurate client views; and ensure precise client communication, reporting, withholding and record management for FATCA-implicated records.
"As new compliance deadlines loom, financial institutions are facing intense pressure to find an effective FATCA solution," said Jon Paradis, vice president of alliances at Convey. "By leveraging our combined compliance market expertise, Trillium Software and Convey can provide joint customers with the comprehensive solution they need to ensure their organization is FATCA compliant."
The Trillium-Convey FATCA Solution empowers financial institutions to:
- Access, understand, gain visibility and take control of all client data critical to FATCA compliance by utilizing self-service data assurance capabilities;
- Report directly to the IRS or other global tax authorities and comply with reciprocity reporting;
- Identify over and under-withheld accounts; track remittance and reporting deadlines and requirements;
- Adapt to future FATCA or country requirements with a flexible solution.
Convey provides tax information reporting services and software to businesses to make IRS compliance clear and uncomplicated. With Convey's flexible, scalable software and the guidance and focused experience of its service teams, Convey's clients -- from small companies to nearly half of the Fortune 500 -- can be assured that they're complying with regulatory obligations and reporting financial transactions efficiently and correctly. The taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor. Convey reduces risk, improves bottom lines, and provides the clearest path to compliance. Learn more about Convey at: www.convey.com.
About Trillium Software
Trillium Software, A Harte Hanks Company, is a leading, global enterprise data quality solutions provider. Our data quality specialists help organizations achieve increased business from their data management initiatives and existing business-critical processes by providing enterprise data profiling and data cleansing software and services. Trillium offers industry-specific business solutions that help solve data problems experienced by financial services, banking, compliance, insurance, risk, and retail professionals. Trillium's full complement of technologies and services includes global data profiling, data cleansing, enrichment, and data linking for e-business, customer relationship management, data governance, enterprise resource planning, supply chain management, data warehouse, and other enterprise applications. For more information about Trillium Software and its offerings, call (978) 436-8900 in the United States and in the United Kingdom call +44 (0) 118 940 7666, or visit Trillium Software online at http://www.trilliumsoftware.com.
About Harte Hanks
Harte Hanks (NYSE: HHS) is one of the world's leading, insight-driven multi-channel marketing organizations, delivering impactful business results for some of the world's best-known brands. Through strategic agencies and our core marketing services, we develop integrated solutions that connect brands with prospects and customers, moving them beyond awareness to transactions and brand loyalty. Visit the Harte Hanks website at http://HarteHanks.com or call (800) 456-9748.
As used herein, "Harte Hanks" refers to Harte-Hanks, Inc. and/or its applicable operating subsidiaries, as the context may require. Trillium Software®, Trillium Software System®, Total Data Quality™ , Harte Hanks' logo and name are trademarks owned by Harte Hanks.. All other brand names, product names, or trademarks belong to their respective owners.