FATCA reporting

FATCA reporting software, built for both IGA models.

Generate, validate and package FATCA XML for IDES, HMRC, ACD, the CRA and other tax authorities from one platform, with every file checked against the schema before it leaves.

Book a demo Model 1 vs Model 2

FATCA XML v2.0
Model 1 & Model 2
IDES-ready packages
DocRefID corrections

At a glance

Models: Model 1 IGA and Model 2 IGA
Output: FATCA XML, validated against the XSD and business rules
IRS channel: IDES package: signed, AES-256-CBC, RSA-wrapped key
Local filing: HMRC · ACD · CRA · Revenue · ITD
Corrections: DocRefID / CorrDocRefID, tracked

01What FATCA requires

Four stages between your records and the IRS.

The Foreign Account Tax Compliance Act requires financial institutions outside the United States to identify and report accounts held by US persons, either to their local tax authority or directly to the IRS. It is implemented through intergovernmental agreements (IGAs) in two models, and both use a structured XML format defined by the IRS.

01 / Stage

Data collection

Identify reportable accounts, apply due-diligence rules, collect self-certifications, and check TINs and GIINs before anything is generated.
02 / Stage

XML generation

Transform source data into FATCA XML: the IRS schema for IDES, or the jurisdiction-specific variant for local filing.
03 / Stage

Schema validation

Validate against the correct XSD and business rules, catching what would otherwise come back as an IDES alert or a local rejection.
04 / Stage

Package & submit

Produce the sealed IDES package or the local-portal file, ready to upload with your own credentials, with an audit trail of every file.

02IGA models

Model 1 or Model 2: it decides where you file.

Model 1 institutions report to their local tax authority. Model 2 institutions report directly to the IRS through IDES. Novus handles both from the same source data.

Model 1 IGA

Report to your local tax authority

Financial institutions report to their own tax authority, which exchanges the data with the IRS. This is the model most jurisdictions use.

Your institution
→
Local tax authority
→
IRS

Where you file: Your local portal: HMRC, ACD, CRA, Revenue, ITD and others
Format: The jurisdiction’s FATCA XML variant and envelope
Examples: United Kingdom, Canada, India, Ireland, Luxembourg, Germany

Model 2 IGA

Report directly to the IRS through IDES

Financial institutions register with the IRS and report directly through IDES, the International Data Exchange Service. The local authority is involved for accounts whose holders have not consented to reporting.

Your institution
→
IDES
→
IRS

Where you file: IDES, with your own IDES credentials
Format: FATCA XML, signed and encrypted into an IDES package
Examples: Japan, Hong Kong, Switzerland*

*Switzerland has signed a Model 1 agreement scheduled to take effect in 2027.

03IDES packaging

Readable by one party only: the regulator.

For Model 2, Novus turns validated XML into the IDES package in one step: signed, encrypted, key-wrapped and named the way IDES expects. You upload it with your own credentials.

Signature

RSA-SHA256

The XML payload is digitally signed, so the IRS can verify it came from you and was not altered.
Payload

AES-256-CBC

Every package is encrypted with a fresh 256-bit key and a random 16-byte IV. No key is reused.
Key wrap

RSA

The 48-byte key and IV are wrapped with the IRS public key. Only the IRS can unwrap them.
At rest

0 plaintext

Account data stored in Novus Cloud is sealed with per-customer 256-bit field encryption.

XML Signed Encrypted Key wrapped IDES .zip

04Case study

A Hong Kong investment fund. Accepted first time.

In June 2026, a Hong Kong investment fund filed its FATCA return under Model 2, reporting directly to the IRS through IDES. Before a single file was generated, the validation engine stopped four errors that would otherwise have gone to the regulator.

Filed: June 2026
IGA model: Model 2
Channel: IDES

4 errors caught before generation

TIN Format

Entered as ~~097-98-7678~~ corrected to 097987678
AccountHolderType Code

Entered as ~~FATCA_104~~ corrected to FATCA105
DocTypeIndic Test vs. production

Entered as ~~FATCA11~~ corrected to FATCA1
PostCode Placeholder

Entered as ~~00000~~ corrected to (blank)

Outcome: accepted on the first submission

The fund corrected the four records before the file was generated. The filing was then accepted on its first submission.

05The platform

What’s included.

FATCA and CRS, one workflow

Most institutions file both. Novus validates reportable accounts once, then produces the correct XML for each framework.

CRS reporting services

Data ingestion

From Excel or CSV templates
GIIN validation

Against the published IRS FFI List
TIN validation

US, UK, India and other jurisdictions
XML generation

Model 1, Model 2 and supported jurisdiction schemas
Schema validation

XSD and business rules, before export
IDES packaging

Signature, encryption, key wrap, IDES file naming
Local authority files

For HMRC, ACD, CRA, Revenue and others
Corrections

DocRefID / CorrDocRefID management
Audit trail

Every generated file and change, recorded

Jurisdiction-specific schemas

FAQ

Frequently asked questions

Something else? Ask our team

What is FATCA reporting software?

It turns your institution’s account data into FATCA-compliant XML and prepares it for the right tax authority: an IDES package for the IRS under Model 2, or the local format under Model 1.

Does Novus support both Model 1 and Model 2 FATCA?

Yes. Novus produces IDES-ready packages for Model 2 jurisdictions and local-authority files for Model 1 jurisdictions, from the same source data.

Does Novus transmit the file to IDES for me?

No. Novus validates, signs and encrypts the package; you upload it to IDES with your own credentials. Your institution stays the filer of record.

Which jurisdictions does Novus support?

Luxembourg, Ireland, Switzerland, the United Kingdom, Canada and India have dedicated schema support, alongside the OECD and IRS schemas. Contact us for the current list.

Do I need separate software for FATCA and CRS?

No. Novus handles FATCA and CRS from the same source data, with a separate, validated XML output for each framework.

How are corrections and amendments handled?

With the standard DocRefID and CorrDocRefID conventions. Novus tracks original filings, links corrections to them and keeps the full audit trail.

Can I start with a single jurisdiction?

Yes. Many institutions start with one jurisdiction and add more as their reporting footprint grows.

Stop wrestling with XSD schemas. Start filing with confidence.

See the full FATCA, CRS and IRS 1099 workflow for your institution in a 20-minute demo.

Book a demo Novus Desktop · 2027