A software firm and regulatory consultancy are joining forces to help companies in preparation for the Foreign Account Tax Compliance Act (FATCA).Bermuda-based Ignition, one of the Island’s leading providers of GRC software solutions, and Oyster Consulting, a regulatory and compliance consultancy firm, have announced a strategic partnership to deliver services to the offshore financial services market.A key focus of the partnership will be to support organisations in preparing for FATCA, which came into effect in January 2013.While some components of FATCA have yet to be confirmed, there is sufficient guidance available to help organisations prepare for full compliance, stated Ignition. To comply with the new FATCA regulations, all financial institutions — whether domestic or foreign — must classify clients and accounts as either US or non-US based.“Foreign Financial Institutions (FFIs) are also expected to identify US accounts and report specific information to the US IRS. FATCA requires all FFIs to undertake an electronic search of their data to identify clients with US indicia, such as address, zip code and nationality,” explained Ignition in a statement.“Financial organisations may then need to approach each and every client identified as falling under the indicia to request self-certification of status through W-9, W-8BEN (Individual) or W-8BEN-E (Entity) forms.“This is to ensure the correct withholding rate of tax is applied.”Oyster Consulting provides financial firms support necessary to navigate the complex guidelines of FATCA.Alison Morrison, managing director of Oyster Consulting in Bermuda said: “This alliance provides offshore businesses with an exceptional service and solution package.“From consulting services right through to the implementation of very specific tools, we’re perfectly aligned to provide a much needed and important service in Bermuda.“With the release of the final FATCA guidelines from the IRS, companies can rest assured that we will not only help them understand the requirements, but also implement solutions to ensure their business is ready.”To assist FFIs with FATCA requirements, Ignition is developing a suite of tools the first of which, a FATCA Self-Certification solution, automates the entire self-certification process through an online submission process and provides a clear pane of glass for the Responsible Officer to view overall status and drill down through to supporting documentation.Christopher Eaton, Ignition’s director of business solutions explained: “Our partnership with Oyster Consulting means that we are truly able to offer the full spectrum of FATCA related services and solutions. Focus on GRC has led to greater demands on organisations and FATCA is high up on the agenda.”