New 'No Form' Journey for Combined FATCA and CRS Forms

TAINA releases 'No Form' Journey for Combined FATCA and CRS Forms

We are thrilled to announce the launch of the ‘No Form Journey’ support for the Combined FATCA and CRS individual and entity forms.

This update, requested by numerous clients and prospects, enables end customers to fill in Combined Forms via our Online Portal, delivering significant benefits for TAINA clients.

Whilst TAINA already supports CRS, W8-BEN, and W9 forms in the ‘No Form Journey,’ the Combined FATCA/CRS forms closely follow the Cayman Forms. Thereby allowing a FATCA and ‘US person’ determination to be declared without a full W8 form.

Importantly, this new support of the Combined FATCA/CRS forms paves the way for ‘No Form Journey’ for W8 Forms (e.g. W8-BENE, W8-IMY, W8-EXP, and W8-ECI forms). These 'No Form’ Journeys will be coming out in the very near future.

Key Benefits of having forms filled in via TAINA's 'No Form Journey'

• Enhanced Customer Experience: Improves quality and efficiency for end customers,

  • 63% faster tax form completion for customers when using online or mobile

• Reduced Errors: Minimizes form errors and re-solicitation needs.
  • 85% reduction in tax form rejections when using online/mobile.
• Time Savings for Tax Operations: Cuts down the time spent reviewing forms.

How the 'No Form' Journey Works

Most customers are unfamiliar with tax forms and without expert input they are often left confused and frustrated. This leads to businesses having to chase customers for the correct submission. This frustrating back and forth process often involves multiple requests from different business units, delays between submission and feedback and customers submit an invalid form 65% percent of the time.

To meet these challenges and help businesses improve their customer experience, TAINA offers a simple and sleek questionnaire-based journey that requires no tax form. The 'No form Journey' seeks to ensure that End Customer can fill in tax forms easily and quickly - irrespective of where they live, language they speak or any visual/audio impairments that might live with.

Our Online Portal's 'No Form Journey' achieves its goals through three core principles:

1. Progressive Disclosure UX Principle:

Our “No Form journey” provides an easy and sleek user experience with reduced fields, hiding up to 70% of a traditional tax form, so your customers and investors' tax validation journey need only be as long as necessary.

In line with the UX principle of Progressive Disclosure the No form Journey ensures

• Core Required Question Blocks immediately visible and Optional Question Blocks are hidden. 
• Optional Questions Blocks are only shown when selected or required based on other elections.
• This makes the journey appear shorter and less overwhelming to end customers.

Applying this to a Combined FATCA/CRS form greatly reduces the length of the form as a whole. A 10 page PDF form become a single web page that takes a single scroll to cover.

Applying this principal to specific areas s like Identification Number (TIN) helps to reduce the size and complexity of any set of questions.

2. Quality of Language and Multilingual Support:

Beyond simple translating form instructions, we ensure that language used on the 'No form journey 'is simple and concise. Tax Jargon is removed.

All copy on the 'No form Journey' (from welcome screens to question labels and validation messages) have been written in line with How Users Read on the Web (nngroup.com) and best practice around Content design: planning, writing, and managing content - Writing for GOV.UK.

Then, having established a high quality of written content, the Online Portal's 'No form Journey' can be viewed in 9 Languages. Namely English, Spanish, Italian, German, French, Polish, Chinese (Simplified & Traditional), Dutch. Depending on the needs and markets of our clients, the list of supporting languages can be easily added to. 

Ensuring written content is clean of tax jargon, accessible to a low reading age and viewable in any language can help ensure End Customers provide TAINA clients with correct Tax forms and information. 

3. Enhanced Accessibility Standards:

Currently TAINA' Online Portal meets AA accessibility standards. Updates have been made in order to meet WCAG AAA standards in many areas.

Changes include items to ensure that screen readers work well on a 'No form' Journey. For instance:

• Adding labels to 'Hint' icons for screen readers.
• Adding aria-required labels to required fields.
• Adding aria-expanded attributes to accordions.

Other updates help ensure that End Customers with a degree of colour blindness can still enter their tax forms. For instance,   

• Maintaining a high contrast ratio across all elements.
• Ensuring TAB navigation is clear and possible across all buttons, form inputs, 'information icons and links.

What’s Next?

Enabling the 'No Form' Journey for Combined FATCA and CRS Forms is an exciting step. But for us, even more exciting is the rollout of the ‘No Form’ support across W8-BENE, W8-IMY, W-EXP, and W8-ECI forms. These will be coming out in the very near future. We look forward to announcing the arrival of these enhancements, and overall ensuring a seamless, efficient, and accessible Tax experience for all end customers.

If you are interested in enabling this new feature in your TAINA instance, please reach out to us. 

If you would like to see how the TAINA FATCA, CRS and QI Compliance Platform can add value to your business, request a demo today.