Since the beginning of 2005, the IRS has redoubled its efforts to monitor and audit the completeness of W-8 forms at financial institutions. The agency expects full and immediate compliance with Non-Resident Alien documentation requirements. For many international financial institutions in South Florida, these IRS requirements mean significant changes to the way they have traditionally documented Non-Resident Alien withholding from customers.
Miami-based Sydel Corporation has developed FormXpert™, an innovative software application that provides an automated solution to the task of tracking and validating customer documentation including the W-8 form. FormXpert is a cost-effective tool that bar-codes, receives and validates documents at the scanning and compliance levels, prior to storing them and updating the document inventory expiration date.
“FormXpert is unlike any other offering we have seen in the financial market here or abroad. It allows us to automate the tedious task of documentation management,” said Oscar Sosa, Vice President of Operations, Banco Chile USA. “ A special bonus of which we are truly taking advantage is the compliance validation feature that has been built into the software that ensures each form is valid and complies with IRS rules.”
Sydel Corporation is moving financial institutions with its Dynamic Xpert SolutionsSM including ReconXpert™, which streamlines the reconciliation of accounting transactions to original data sources, CompliXpert™, a full-featured compliance and AML transaction monitoring system that also allows financial institutions to track beneficiary/originator relationships, customer call reports and documentation, and eFlowXpert™ a workflow tool that integrated with all Xpert solutions. All Sydel systems are based on the latest Web-based technologies and designed to help financial institutions navigate the challenging and changing regulatory environment in which they operate.
For more information on FormXpert or Sydel Corporation’s other product offerings, please visit www.sydel.com or contact us at (305) 569-0400.