The Common Reporting Standard (CRS), formally referred to as the Standard for Automatic Exchange of Financial Account Information (AEoI), is the result of the drive by the G20 nations to develop a global standard for the automatic exchange of financial account information. Developed by the OECD, the CRS aims to maximise efficiency and reduce costs for financial institutions by drawing heavily on the approach taken to implementing FATCA, becoming the information standard for the automatic exchange of information
Preparing for the OECD CRS
The Common Reporting Standard (CRS) is based in large part on the Model 1 FATCA IGA and you will recognize many common elements between FATCA and the CRS. However, there are also a number of critical changes across the requirements. Complexity arises in the cross-border identification, classification and reporting of customer accounts. Not only does a financial institution need to be able to identify the tax residence of each and every one of its customers, it has to be have the ability to report the necessary information to the relevant tax authority. CRS has arrived at a time when financial institutions already face a range of significant economic and regulatory challenges, testing many financial institutions capability and capacity to deliver. The OECD approved format for exchange of CRS data between participating jurisdictions is the CRS XML schema. The CRS XML schema has been designed so that it can also be used for domestic CRS reporting, if implementing jurisdictions so choose. We offer different solutions, operating on a spectrum from simply conversion to country specific solution implementation.
NEXT LOOK AT SOME SCREENSHOTS
The Main window is the launch point for the entire application. You can select the licensed module in the modules button bar and perform the module specific tasks within main area of the module. Each module comes with its own menu and detail area.
Generate OECD CRS XML compliant reports. Import data from XML or XLS. Further more TRSuite comes with a simple to use spreadsheet template to collect your data and transform it into the OECD XML 1.0 XML schema.
Simply enter your clients 8966 information into our user-friendly MS Excel Template, load it into the application and create your OECD XML 1.0 file.
As there are specific steps taken and choices made by jurisdictions in the context of implementing the OECD CRS Standard, TRSuite comes with different pre-defined configuration packages. A package covers validation rules, naming conventions, Document Reference ID or TIN format.
Domestic CRS Reporting Format
Some jurisdictions define a domestic reporting format or delivery process like Germany, Austria, Switzerland, U.K. or Hong Kong. In such a case a country specific module extends the standard CRS module with the according data and processe.
Pricing and License
Perpetual License Software licenses and use of the products do not expire. One year of premium support and maintenance is included with any new perpetual license purchased. Premium Support includes all new releases, new features and product updates for FREE and professional email support. Premium Support and Maintenance Package The annual maintenance renewal cost is 40% of the full regional price for new licenses at the time of renewal for each product purchased under perpetual licensing. You can also lock in current pricing and stretch your budget with a multi-year discount. A running support contract can be extended at any time within the running periode under the current valid conditions. Please note that our maintenance contracts are always renewed from the support expiration date. Named User The Named User metric allows you to license your modules by the number of users. The standard Named User license minimum for TRSuite is 3 Named User licenses for each module. Named Users licenses means if you have 5 employees who might use the system, you need to purchase 5 licenses regardless of how many are on at the same time. Corporate This license allows unlimited use of the program throughout the organization, typically for companies with 50+ users.Pricing [USD], 18-01-2021
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