COR&FJA AG: dwpbank and COR&FJA agree on co-operation and offer financial service providers an all-in-one solution for implementation of the US Foreign Account Tax Compliance Act (FATCA)
(firmenpresse) - COR&FJA AG / Key word(s): Enterprise/
COR&FJA AG: dwpbank and COR&FJA agree on co-operation and offer
financial service providers an all-in-one solution for implementation
of the US Foreign Account Tax Compliance Act (FATCA)
DGAP-Media / 16.02.2012 / 09:02
---------------------------------------------------------------------
Frankfurt am Main/Leinfelden-Echterdingen, 16 February 2012
dwpbank and COR&FJA agree on co-operation and offer financial service
providers an all-in-one solution for implementation of the US Foreign
Account Tax Compliance Act (FATCA)
- Supplement to the range of services offered by the dwpbank and the
COR&FJA software solution
- Unique service spectrum comes into being in the German-speaking world
- Banks and insurance companies all over the world will be affected by
FATCA from 2013 onwards
Deutsche WertpapierService Bank AG (dwpbank) and COR&FJA AG, the software
and consulting firm, have entered into a co-operative venture in order to
offer banks and insurance companies an efficient range of solutions for
implementation of the US American Foreign Account Tax Compliance Act
(FATCA). By doing so, they have combined the range of services offered by
the dwpbank with its extensive experience in the field of US American tax
legislation with the software products of COR&FJA to produce an
all-inclusive service spectrum that covers the entire value-added chain
relating to FATCA. This service spectrum is as yet unparalleled in Germany.
Users of the new FATCA solution include each partners' existing customers
from the banking and insurance sectors, as well as new customers.
Becoming fully effective as of 1 January 2013, FATCA, the Foreign Account
Tax Compliance Act adds a new chapter to the US American Internal Revenue
Code that will affect banks, investment companies, insurance companies and
building and loan associations all over the world. FATCA will create the
need for a comprehensive documentation and reporting system for all
customers and for all income and capital gains originating in the USA.
COR&FJA's contribution to the joint range of services will be a modular
software product that covers the complete FATCA settlement chain. The
dwpbank will be adding operational activities relating to back office
services, reporting and communication with the US authorities.
The dwpbank has acquired more than ten years of experience in business
transactions involving US withholding tax for around 1,600 affiliated
financial institutions in Germany. This corresponds to a third of all
institutions worldwide and makes the dwpbank the largest point of contact
for the US tax authorities. These many years of expertise provide the
foundation on which FATCA requirements relating to back office and
reporting activities have been bundled and are now being made available to
the relevant insurance companies, as well as banks.
In its capacity as the leading IT and consulting firm for the financial
sector, COR&FJA has been developing sophisticated IT system solutions and
successfully advising customers on the implementation of custom-fit IT
concepts in upwards of 30 countries for more than three decades now.
Developed with state-of-the-art technology, the FATCA solution is based on
the vast experience in the implementation of regulatory requirements
acquired by COR&FJA.
Karl-Martin im Brahm, member of the dwpbank Board of Management: 'Having
joined forces with our partner, we are delighted to be able to offer our
existing customers and also the German insurance industry, for instance, a
comprehensive range of services. The institutions will be able to benefit
from scale economies and can also be sure of receiving the best possible
implementation of FATCA.'
Ulrich Wörner, Chairman of the Management Board of COR&FJA, adds: 'Our
strength has always been lodged in further improving leading ranges of
products by means of service and consulting. We are now doing this in
collaboration with Germany's foremost transaction bank. In doing so, we are
addressing banks and insurance companies to the same extent and have
created an as yet unique product and service spectrum.'
About dwpbank:
Deutsche WertpapierService Bank AG (dwpbank) is the German securities
settlement market leader. Its ownership structure is made up of
institutions from the German Cooperative Financial Services Network and
from the Sparkassen-Finanzgruppe, who all have equal rights.
With 390 direct customers and a total of almost 1,600 affiliated
institutions, three quarters of all banks in Germany use the processing and
system services offered by the securities settlement expert. The
transaction bank manages around six million portfolios from all sectors of
trade and industry. It bundles the securities business within the German
Cooperative Financial Services Network through the two central banks,
already provides more than 80 per cent of the services performed within the
framework of the securities service for savings banks and regional banks
and is a partner in the handling of securities for more than 30
institutions in the private and corporate banking segment.
With around 250,000 administered users - investment consultants and bank
employees - the central dwpbank WP2 securities clearing platform is one of
the largest IT applications in the German bank landscape.
About COR&FJA:
The COR&FJA Group is one of the leading software and consulting companies
for the European financial services industry, focusing on insurance
companies, banks and providers of company pension funds. Its service
spectrum ranges from standard software and the provision of consultancy
services to the assumption of IT operations (application service
providing). The COR&FJA Group, which has its head office in
Leinfelden-Echterdingen and offices in Munich, Aachen, Düsseldorf,
Frankfurt, Hamburg, Kiel, Cologne and St. Georgen, as well as subsidiaries
in the Netherlands, Denmark, Austria, Switzerland, Slovakia, Slovenia,
Poland, the Czech Republic, Portugal, Spain and the USA, currently employs
around 1,150 staff.
Contact:
dwpbank
Ralf Droz
Head of Sales Communications
Tel.: +49 69 5099-3359
Mobile: +49 173 2905682
E-mail: ralf.droz(at)dwpbank.de
www.dwpbank.de
COR&FJA AG
Lars Hoffmann
Head of Sales - Banking
Tel.: +49 711 94958-781
Mobile: +49 151 10863895
E-mail: lars.hoffmann(at)cor.fja.com
www.cor.fja.com
End of Media Release
---------------------------------------------------------------------
16.02.2012 Dissemination of a Press Release, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
Language: English
Company: COR&FJA AG
Humboldtstraße 35
70771 Leinfelden-Echterdingen
Germany
Phone: +49 (0)711 94958-0
Fax: +49 (0)711 94958-49
E-mail: investor.relations(at)cor.fja.com
Internet: www.cor.fja.com
ISIN: DE0005130108
WKN: 513010
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP-Media
---------------------------------------------------------------------
157001 16.02.2012
Themen in dieser Pressemitteilung:
corfja-ag-dwpbank-and-corfja-agree-on-co
operation-and-offer-financial-service-providers-an-all
in
one-solution-for-implementation-of-the-us-foreign-account-tax-compliance-act-fatca
Unternehmensinformation / Kurzprofil:
Bereitgestellt von Benutzer: EquityStory
" alt="BONTERRA ANNOUNCES PROPOSED NON-BROKERED PRIVATE PLACEMENT AND APPOINTMENT AND RESIGNATION OF DIRECTORS AND OFFICERSDatum: 16.02.2012 - 09:02 Uhr
Sprache: Deutsch
News-ID 115350
Anzahl Zeichen: 6321
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 439 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"COR&FJA AG: dwpbank and COR&FJA agree on co-operation and offer financial service providers an all-in-one solution for implementation of the US Foreign Account Tax Compliance Act (FATCA)"
steht unter der journalistisch-redaktionellen Verantwortung von
COR&FJA AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
