FATCA TRAC now serves clients across all the major regions including Europe, the Middle East and Africa, Asia, Australasia and North America, where a large Canadian bank became the latest client to sign up in late 2014. Some larger financial institutions are using FATCA TRAC for global reporting, pulling data from multiple overseas offices into a centralised system. While others are using it as a complete compliance solution, which includes client identification and classification, remediation, certification and reporting. The solution will also be used to cover requirements under the Automatic Exchange of Information (AEOI) programme.

Colin Camp, Managing Director of Products and Strategy at Dion, said: "We are delighted with the success that FATCA TRAC has had in the marketplace. It continues to help financial institutions across the globe to comply with the complex FATCA regulations. With most firms working their way through the client classification and certification process, a major focus is now being placed on the governance and production of reports to the IRS or local tax authorities. As we move throughout 2015, attentions will quickly move beyond FATCA compliance, towards the flexible technology needed to support the demands of AEOI."