Novus Compliance automates the full FATCA reporting lifecycle for financial institutions — from source data ingestion to jurisdiction-specific XML generation, schema validation, and filing. Whether you report to the IRS directly via IDES, or to a local authority like HMRC, ACD, or the CRA, our platform handles the schema rules for each jurisdiction.
What is FATCA?
The Foreign Account Tax Compliance Act (FATCA) requires financial institutions outside the United States to identify and report accounts held by US persons to their local tax authority or directly to the IRS. FATCA is implemented through intergovernmental agreements (IGAs), which fall into two main models:
- Model 1 IGA — FIs report to their local tax authority, which exchanges the data with the IRS. Used by the UK, Canada, India, Ireland, Luxembourg, Germany, and most other jurisdictions.
- Model 2 IGA — FIs report directly to the IRS through IDES, with a local authority notification step. Used by Switzerland, Japan, and a handful of others.
Both models require FIs to report account holder data using a structured XML format defined by the OECD and the IRS.
What FATCA reporting involves
1. Data Collection
Identify reportable accounts, apply due diligence rules, collect self-certifications, and validate TINs and GIINs against IRS and OECD databases.
2. XML Generation
Transform source data into FATCA-compliant XML — either OECD FATCA v2.0 for IDES, or jurisdiction-specific variants for local filing.
3. Schema Validation
Validate against the correct XSD and business rules before submission. Catch errors that would otherwise trigger IDES alert codes or local rejections.
4. Filing & Reconciliation
Submit to IDES, HMRC, ACD, CRA, or local portals — with submission tracking, receipt confirmation, and audit trails.
Jurisdiction-specific FATCA reporting
FATCA reporting is not one format — each jurisdiction applies its own schema, filing rules, portal, and deadlines. Novus supports the following jurisdictions out of the box:
FATCA Model 1 vs Model 2
The reporting model you use determines where you file. Model 1 FIs report to their local tax authority. Model 2 FIs report directly to the IRS via IDES.
For a detailed comparison — including GIIN rules, portal differences, and filing deadlines — see our Model 1 vs Model 2 guide.
What's included in the Novus platform
- Data ingestion from CSV, Excel, database, or API
- GIIN validation against the live IRS FFI List
- TIN validation for US, UK, India, and 60+ other jurisdictions
- XML generation for FATCA Model 1, Model 2, and all supported jurisdiction schemas
- Schema validation against XSDs and business rules before submission
- IDES submission with encryption, alert code handling, and IRS receipt tracking
- Local authority submission for HMRC, ACD, CRA, Revenue, and others
- Corrections and amendments with DocRefID / CorrDocRefID management
- Audit trail and compliance reporting
FATCA and CRS — one workflow
Most FIs file both FATCA and CRS returns. Novus lets you generate both from the same source data — validating reportable accounts once, then producing the correct XML for each framework. This reduces manual effort, eliminates duplicate data entry, and keeps both filings consistent.
See CRS Reporting Services for the CRS side.
Related tools
- FATCA & CRS XML Validation Tool — validate any XML against the latest OECD schemas
- GIIN Lookup — verify any GIIN against the IRS FFI List
- Download Templates — free FATCA and CRS Excel templates
Frequently asked questions
What is FATCA reporting software?
FATCA reporting software automates the process of transforming financial institution data into FATCA-compliant XML and filing it with the relevant tax authority (IRS via IDES for Model 2, or a local authority for Model 1).
Which jurisdictions does Novus support?
Luxembourg, Ireland, Switzerland, the United Kingdom, Canada, India, and 60+ others via the OECD global schema. Contact us for the current list.
Does Novus support both Model 1 and Model 2 FATCA?
Yes. The platform supports both reporting models — including IDES submission for Model 2 jurisdictions and local authority submission for Model 1 jurisdictions.
Do I need separate software for FATCA and CRS?
No. Novus handles both FATCA and CRS from the same source data, with separate XML outputs for each framework.
How does Novus handle corrections and amendments?
Corrections are managed using the standard DocRefID and CorrDocRefID conventions. The platform tracks original filings, generates correctly-linked correction files, and maintains a full audit trail.
Can I use Novus for a single jurisdiction only?
Yes. Many customers start with a single jurisdiction and expand as their reporting footprint grows.