Vizor AEOI is a comprehensive software solution designed to assist tax authorities in meeting their international obligations for the automatic exchange of financial information. It supports compliance with the Common Reporting Standard (CRS, the Foreign Account Tax Compliance Act (FATCA, and Country-by-Country (CbC Reporting under the OECD's Base Erosion and Profit Shifting (BEPS initiative. Trusted by over 16 jurisdictions and utilized by more than 100,000 financial institutions worldwide, Vizor AEOI streamlines the collection, validation, and exchange of complex financial data, ensuring adherence to global tax transparency standards.
Key Features and Functionality:
- Financial Institution Self-Registration: Enables financial institutions to independently register and create accounts, facilitating efficient onboarding.
- Data Validation: Performs extensive validation of submitted data, including XML schema checks, account information verification, and Global Intermediary Identification Number (GIIN validation, ensuring data accuracy and compliance.
- Automated Operations: Offers configuration options for fully automated processing, minimizing manual intervention by tax authorities and enhancing operational efficiency.
- Management Reporting: Provides comprehensive reports for monitoring, tracking, and reviewing information within the system, aiding in effective oversight and decision-making.
- Schema Support: Maintains support for evolving data schemas, ensuring continuous compliance with changing international standards.
- Automated Information Exchange: Facilitates seamless and secure exchange of information with partner jurisdictions and the IRS, promoting international cooperation and transparency.
Primary Value and User Benefits:
Vizor AEOI addresses the critical need for tax authorities to comply with international tax reporting standards efficiently and accurately. By automating the collection and validation of financial data, the solution significantly reduces administrative burdens and the risk of non-compliance. Its user-friendly portal ensures high engagement from financial institutions, leading to more comprehensive and reliable data submissions. Ultimately, Vizor AEOI empowers tax authorities to enhance tax transparency, combat tax evasion, and fulfill their global exchange of information commitments effectively.
