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: