VIENNA--(BUSINESS WIRE)--DREI-BANKEN-EDV GmbH (3BEG) is the first Austrian customer to use the new IT application "FATCA Reporting Engine" of Software Daten Service. Apart from HSBC Transaction Services, Oberbank AG, Bank für Tirol und Vorarlberg AG as well as BKS Bank AG will use SDS' new banking solution for all US tax reports.
"As we can look back on a well-established partnership with SDS in the securities area for more than ten years, it was easy for us to decide for the FATCA Reporting Engine. SDS is familiar with our framework conditions and we already have integrated GEOS interfaces. Therefore, the quick and smooth implementation of the new banking application can be taken for granted", says Karl Stöbich, CEO of 3BEG.
Based on the Foreign Account Tax Compliance Act (FATCA), all financial services providers worldwide are obliged to meet the new and stricter reporting requirements of the American Internal Revenue Service (IRS) as of 2013. Should financial services providers fail to comply with these documentation and reporting obligations, their proceeds from US securities will be subject to a withholding tax of 30%.
Ernst Kendlbacher, Managing Director of Software Daten Service: "We are pleased to have acquired 3BEG as another customer for our banking solution. Our FATCA application meets the requirements of the American Internal Revenue Service in terms of securities trading and supports financial services providers concerning their complex and short-term tax and reporting obligations."
Software Daten Service (SDS), a subsidiary of T-Systems, specialises in the development of banking software, in particular for international securities processing. With the GEOS Suite, SDS offers a software for the real-time processing of securities and derivatives for international financial services providers such as retail, private and transaction banks as well as custodians. The latest product is the FATCA Reporting Engine which enables a reliable processing of the new American reporting requirements. For further information please visit our website http://www.fatca.eu or submit your query via e-mail to presse@geos.biz.
DREI-BANKEN-EDV Gesellschaft m.b.H. (afterwards 3BEG) was founded in 1991 and is a joint subsidiary of Oberbank AG, Bank für Tirol und Vorarlberg AG and BKS Bank AG.
As general IT contractor of the "3Banken Gruppe", 3BEG is in charge of
- IT process development for the 3 banks in the Austrian core market as well as the applications of their foreign subsidiaries,
- the operation of the IT centre and the associated printing centre,
- software development for banking applications,
- the joint purchase of hardware and software products,
- the development and support of the telecommunication infrastructure,
- servicing all terminals as well as
- parts of processing of paper-based payment transactions
At the end of 2010, 3BEG had 207 employees at the company locations in Linz, Innsbruck and Klagenfurt.