Automated and Real-Time TIN Matching Fully Integrated into our Due Diligence Solutions

Reduces risk and need for manual resources as integrated or standalone solution

Innovations in tax compliance might not bring a grin of delight to your face. But for us at S&P Global, as a long-standing tax compliance service provider, we are always enthusiastic about embracing new solutions and better technology to enhance and simplify tax onboarding and reporting obligations. You could say that it made our day when the IRS announced last year that it would, for the first time, be allowing real time automation and third-party API connection for U.S. Taxpayer Identification Number (TIN) matching.

The benefits of eliminating risky and laborious manual TIN matching

The opportunity to streamline and enhance TIN matching by automating it for the purposes of client onboarding and TIN validation is the first real opportunity to replace previously manual and time-consuming processes.

Failing to perform TIN matching or manual TIN matching introduced risk because incorrect TINs reported on Forms 1099 may result in B-Notices from the IRS or even, if not resolved, audits and penalties, all of which require time and resources to solve. Now, a process that was once slow and largely manual becomes seamless and part of business-as-usual. It's also an important step in bringing tax compliance in line with other industry and regulatory best practices.

Seamless TIN matching integration into our E-W8, MD3 and D-W8 solutions

As market leaders in automation and API connectivity for tax operational compliance, and with years of experience working successfully with the IRS, this was a service we knew our clients would welcome and that we could integrate seamlessly into our existing E-W8 solution in a simple and cost-effective way.

We've worked hard to ensure that our onboarding and due diligence platforms all be updated to include automated, real-time IRS TIN matching within the dashboards. Fully integrated into our tax reporting application, clients can now do real-time TIN matching at onboarding and ahead of Form 1099 reporting, reducing the likelihood of TIN mismatches.

Available for existing clients as part of the overall tax compliance solution, we're also offering this as a standalone API for clients who onboard via their own user interface. This reflects the growing need within the digital broker and crypto space, where institutions may not need to collect full Form W-9 but validate U.S. TINs for reporting and tax purposes.

With over 300 global clients using our API driven solutions, we're the market leader in API integration for tax operations compliance. Embedding TIN matching into our API ensures we can support high volumes of data, integrate easily with existing CRM and other systems and manage and validate the data in real time. And that's definitely something to smile about.

Please reach out to your respective sales representative or client services manager for additional information on our new TIN matching service.

S&P Global provides industry-leading data, software and technology platforms and managed services to tackle some of the most difficult challenges in financial markets. We help our customers better understand complicated markets, reduce risk, operate more efficiently and comply with financial regulation.

This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.