AEG Solutions

FATCA Reporting

AEG has developed a tool that creates an XML FATCA report with the required validation, digital signature, encryption, and compression. Then it prepares the report for uploading on the US IRS portal by the bank and meets the IRS deadline window.

Customers files that need to be reported are provided by the bank in the agreed Excel or XML format to be used by the AEG Reporting tool. The reporting engine picks up the Excel/XML file with multiple sheets and creates the legal reporting in XML format. Then, it prepares the compressed data packet to be sent to IRS (sending reports is not automated). The reporting tool only focuses on creating the XML report that complies with the IRS requirements.

The process goes in the following sequence:

  • Picking the XML file from a pre-assigned folder (Conversion if needed) and preparation of the FATCA report XML
  • Validation of the FATCA XML File according to the IRS rules
  • Signing the XML File (applying digital signature by using a private key of the sender)
  • Compression of the digitally signed XML File
  • Encryption of the XML File with AES 256 Key
  • Encryption of the AES Key with Public Key of Recipient
  • Creation of the Sender Metadata File
  • Creation of the FATCA Data Packet which should contain three files (Payload, Key and Metadata)
  • The data packet is now ready to be transmitted through IDES (upload to the IRS Portal) by the bank staff.