Capgemini, along with Pegasystems and law firm DLA Piper announced a joint compliance offering for financial institutions that are subject to the US Foreign Account Tax Compliance Act (FATCA).
"Many firms have re-evaluated their existing KYC programs due to FATCA, given the high costs anticipated at around $100 million to $200 million to become compliant," said Reetu Khosla, director of risk, fraud and compliance at Pegasystems.
"Organizations are looking for a complete view of their customers to drive faster time to revenue in the on-boarding process. Institutions are addressing ever-growing regulatory demands by choosing a unified platform, such as Pega's KYC solution, that is agile enough to ensure compliance to existing regulatory policies that are country, product and line of business specific."
Through this joint offering, Capgemini Financial Services and Pegasystems will work with financial institutions to coordinate their systems' interface with Pegasystems technology and install customized legal advice developed by DLA Piper in the software.
Capgemini and DLA Piper will review financial institution data, advise clients on enhanced FATCA due diligence, reporting and withholding requirements and ensure compliance with FATCA regulations.
"Organizations are looking for comprehensive solutions that can not only provide efficiency in the on-boarding process, but ensure compliance with complex global regulatory requirements," said Erick Christensen, vice president, head of compliance practice North America for Capgemini.
"Our marketplace review shows that no other offering currently offers this end-to-end scope which not only ramps up the FATCA-required implementation quickly but does it more thoroughly with cost benefits."
