Mahindra Satyam, Dion to offer solution to financial firms in ANZ

Mahindra Satyam, in Feb this year, had signed a comprehensive FATCA compliance solution providing tools for FATCA programme management, client classification and remediation

IT consulting and outsourcing company, Mahindra Satyam (formerly Satyam Computer Services Limited), along with New Delhi-based Dion Global Solutions Limited, will be offering a software solution to assist financial institutions in Australia and New Zealand (ANZ) tp meet the US Foreign Account Tax Compliance Act (FATCA) regulations.

Dion’s FATCA TRAC, developed in partnership with Mahindra Satyam, is a comprehensive FATCA compliance solution providing tools for FATCA programme management, client classification and remediation, withholding and reporting.

In may be recalled that Mahindra Satyam, had in February this year, signed an agreement with Dion Global to acquire a strategic stake in the latter by way of fresh issue of equity shares.

Owned by billionaire brothers Malvinder Mohan Singh and Shivinder Mohan Singh, Dion Global is a publicly-listed company offering solutions and services for global capital markets covering portfolio management, trading, settlement, risk management, analytics, treasury and research services.

In a press release on Tuesday, Mahindra Satyam said that the new solution allowed for customisation and future proofing in order to meet a range of business, country and integration requirements and will enable financial institutions to swap from complying with the US FATCA regulations to complying with regulations under an IGA (inter-governmental agreement) without impacting their compliance programme.

“In an increasingly-crowded regulatory landscape, firms need flexible solutions that not only fit around existing technology and processes, but also meet new demands and changing requirements. This is particularly important for institutions operating across multiple jurisdictions where a FATCA IGA may be signed at any point,” said Joe Nash, managing director (Asia-Pacific) of Dion.

Mahindra Satyam and Dion Global, which are currently implementing the solution in the North American markets, are now bringing their FATCA solution to ANZ. The  solutions boasts robust technology, development expertise, implementation and ongoing consultancy services to assist financial institutions in the complex compliance task, the release added.

Mahindra Satyam’s scrip is currently trading at Rs 111.55 on the BSE, up 1.78%, over the previous close of Rs 109.60 a share.