For Financial Institutions (FIs) operating in Model 2 IGA jurisdictions or in non-IGA countries, the FATCA reporting workflow requires submitting data directly to the Internal Revenue Service (IRS).
With the strict March 31st deadline looming, compliance teams face a highly technical hurdle. Submitting Form 8966 requires navigating the IRS’s complex International Data Exchange Service (IDES) gateway.
The Form 8966 Challenge: Beyond Basic XML
The IDES portal enforces military-grade data security protocols. Before a file can be uploaded, it must be digitally signed, encrypted using AES-256 encryption, and packaged into a specific ZIP file structure.
Why Use a FATCA Third-Party Transmitter?
Rather than wrestling with public keys and OpenSSL commands, many FIs choose to utilize a FATCA third-party transmitter like Novus Compliance. Our software acts as an automated engine—handling the XML conversion, encryption, and precise ZIP packaging in the background.
Contact us for IRS IDES Software Solutions