Key Features

  • Data Ingestion Automate the collection of both upstream (source file) and downstream (customer) payment data and initiating data validation processes to ensure reported data is accurate
  • Income Event Reconciliation - Compare upstream source payments against internally distributed customer payments, ensuring every cent is accounted for in the process
  • IRS and TRACE reporting - preparation and distribution of reporting data into the correct format
  • Amended Returns – automated production of amended returns where transactional payment data is reversed or edited after the reporting entity submits its annual official return to a tax authority or customer
  • Updates in response to the latest IRS and TRACE guidelines

Key Benefits

  • Truly an end-to-end flow, from the point of income distribution or account opening to end reporting
  • Always compliant with the latest regulatory guidelines
  • Improved accuracy and efficiency
  • Full audit trail - Xceptor tracks every action in the process
  • Xceptor produces all customer reports, removing the need to use 3rd party print services