Fidelity's Certification Tracking, a U.S. federal regulatory system for financial services organizations, processes IRS input tapes and identifies customers with underreported interest and invalid tax identification numbers (TINs). Certification Tracking produces notifications of invalid TINs, underreported interest and W-9s, and initiates backup withholding. The application also tracks non-resident-alien W-8 mailings and uncertified interest-bearing account holders. It also supports the Financial Institution Data Match Act. The system does not perform monetary processing and is not intended to track the amount of interest withheld.
Certification Tracking interfaces with Fidelity's IMPACS (a demand deposit system) and Savings/Time Deposit System. Certification Tracking is a real-time, stand-alone system that extracts application account information from IMPACS and Savings/Time Deposit System and builds an account master file. The extracted application account becomes a trailer on the Certification Tracking account record.
Features
- Helps organizations comply with IRS withholding provisions and has a large variety of automated processing capabilities.
- Identifies customers requiring certification, flags their accounts, and produces notices and reports for the customer and the financial organization.
- Establishes Certification Tracking trailers for accounts that require special tracking.
- Tracks non-interest-bearing accounts, such as reportable, uncertified retirement accounts on Savings/Time Deposit System.
- Extracts nontaxable accounts with a backup withholding indicator (BUW) greater than zero.
Systematics
» Certification Tracking
» Check Inventory
» Customer Statement and Relationship Pricing System
» Financial Management System
» Integrated Monetary Processing and Control System (IMPACS)
» Intersystem Transfer System
» Item Reconciliation
» Savings/Time Deposit System
» Tax Reporting System