HSBC Transaction Services – First FATCA Customer of Software Daten Service

HSBC Transaction Services relies on the new IT solution of Software Daten Service (SDS) to meet the requirements of the American Internal Revenue Service (IRS) for securities trading. The US FATCA regulations will become effective as of 2013. Until then, all securities processing service providers worldwide have to meet the requirements of the IRS Reporting with one software product for all client institutions.

The SDS solution "FATCA Reporting Engine" covers all quality requirements of HSBC, Germany's largest securities processing service provider. Dr. Thorsten Warmt, member of the management board of HSBC Transaction Services, comments on the decision for the one-stop solution: "SDS' FATCA Reporting Engine integrates perfectly into our system environment and is for us the most efficient solution for the implementation of FATCA. The product offers a complete reporting solution able to fulfil the IRS requirements. Several preliminary talks with SDS gave us confidence in a competent implementation."

The mandatory requirements from the tax and legal reporting area become more varied, complex and burden business finance with ever shorter lead times. "We appreciate HSBC Transaction Services' trust in our product. We provide our customers with a cost-efficient and comprehensive solution for FATCA requirements at an early stage", says Ernst Kendlbacher, managing director of Software Daten Service.

The final regulations which will be published by the American Internal Revenue Service (IRS) in the summer of 2012 will be incorporated automatically into the FATCA Reporting Engine by SDS.

Software Daten Service (SDS) , a subsidiary of T-Systems, specialises in the development of banking software, in particular for international securities processing. With the GEOS Suite, SDS offers a software for the real-time processing of securities and derivatives for international financial services providers such as retail, private and transaction banks as well as custodians. The latest product in the GEOS Suite is the FATCA Reporting Engine which enables a reliable processing of the new American reporting requirements. For further information please visit our website http://www.geos.biz or submit your query via e-mail to presse@geos.biz .

HSBC Transaction Services GmbH , a 100% subsidiary of the HSBC Trinkaus group, is one of the leading service providers for securities processing on the market. It offers tailor-made services that cover the entire value chain of securities processing including the order routing, the business transaction as well as all-round securities account services. Thereby HSBC Transaction Services acts as white label supplier. With an average of more than 45 million processed trade transactions per year, HSBC Transaction Services GmbH has been Germany's market leader in this segment for some years.

Contact:

Software Daten Service GmbH
Michael Gromes, GEOS Marketing
Phone: +43 (0)1 240 56 5204
Mobile: +43 (0)676 88 241 3009
Fax: +43 (0)1 240 56 5930
E-Mail: Michael.Gromes@geos.biz