CRS and FATCA Reporting Software: Common Questions to Ask Before Choosing an XML Reporting Solution

A CRS and FATCA reporting solution should ideally support both regimes within a single platform. Many financial institutions report under both CRS and FATCA, so using separate tools can create duplication, inconsistent processes, and additional maintenance overhead.

XML Authority supports CRS and FATCA within one platform.

Users can access the schemas in the XML Authority schema library, like CRS, FATCA, and specific country versions if they are available.

A key benefit of XML Authority is that it is not limited to a fixed list of hard-coded reporting frameworks. The software can import any XSD schema, meaning organisations can work with additional XML reporting frameworks beyond the standard library. If a required schema is not already included, Authority Software can add it to the schema library, while users also have the option to import an XSD themselves.

This is particularly useful for institutions that manage more than one reporting obligation, operate across multiple jurisdictions, or need a flexible XML reporting platform that can adapt as requirements evolve.

Schema version support is one of the most important questions in CRS and FATCA reporting.

Tax authorities may reject older schema versions, and even minor modifications to XML structures, mandatory fields, or allowed values can impact whether a filing is accepted.

XML Authority supports the latest schema versions, with historic versions available on request.

This allows firms to comply with current reporting standards yet still access older versions when they need to review, reproduce, or correct past filings.

Schema updates can also be implemented quickly because XML Authority allows users to import their own XSD schemas. This means firms are not always dependent on waiting for a full software release before they can begin working with a newly published schema.

Authority Software can also provide schemas in two ways:

1. embedded within a document created by XML Authority; or
2. as a schema library package.

In practice, XML Authority is typically updated every two to three weeks with a collection of the latest schemas. Since tax authorities often publish updated schemas before their application date, this update cycle is usually sufficient for firms to prepare ahead of live reporting deadlines. Where needed, patches can also be released to address schema changes more quickly.

For reporting teams, this helps reduce the risk of working with outdated XML structures and supports a more controlled approach to regulatory change.

CRS and FATCA reporting often becomes more complex when firms report in multiple jurisdictions. Even where authorities use the OECD CRS schema or the IRS FATCA schema, local rules and submission expectations can differ. These differences may include country-specific file naming conventions, message reference formats, document reference requirements, or local authority guidance.

XML Authority is designed to support multiple jurisdictions and country-specific XML formats. Authority Software can add schemas on request and has not yet encountered a jurisdiction that cannot be supported from a schema perspective.

Where a country uses the standard OECD or IRS schema but applies its own requirements for fields such as MessageRefId and DocRefId, XML Authority can provide country-specific automations as part of a separate schema-library entry.

For example, Singapore’s Inland Revenue Authority follows the standard IRS format for FATCA and the OECD structure for CRS, but applies its own requirements for MessageRefId and DocRefId.

Therefore, the XML Authority includes a schema entry specific to Singapore within the CRS and FATCA folders. This approach simplifies the handling of local reference requirements.

This approach gives firms a practical way to manage CRS and FATCA reporting across multiple jurisdictions without maintaining separate bespoke tools for each authority.

Validation is a major concern for CRS and FATCA reporting because rejected filings can create additional work, delays, and compliance risk. Buyers often ask whether a solution validates against both the XML schema and the relevant authority business rules.

XML Authority validates against the relevant XSD schema. This means the software checks that the generated XML file follows the structure defined by the schema, that required data types are used, and that mandatory fields are completed where required by the schema.

XML Authority also includes automations for fields such as MessageRefId and DocRefId where these are needed to support correct report generation.

However, XML Authority doesn’t include separate CRS or FATCA business-rule validation. This distinction is important. XSD validation checks whether the XML file is structurally valid against the schema, while business rules may involve additional logic defined by a tax authority, such as cross-field consistency checks, local submission rules, or jurisdiction-specific validation requirements.

The strength of XML Authority is that it is built directly on the schema itself. The software acts as a user interface to the XML schema, and the Excel template generated by the software maps directly to that schema. This helps preserve structural integrity and removes much of the technical complexity of working directly with XML.

In practical terms, XML Authority helps users generate well-structured XML files without needing to manually interpret the XSD or write XML code themselves. Firms that require additional authority-specific business-rule validation should assess whether those checks are performed by their tax authority portal, internal review process, or another validation layer.

CRS and FATCA reporting processes vary significantly between organisations. Some firms prepare data in Excel, some use databases or data warehouses, and others rely on custom scripts or internal IT workflows.

XML Authority supports automation by allowing users to generate: 

•  Excel templates based on the selected schema; and

• SQL tables based on the selected schema.

These outputs can then be used to populate report data in a structured way.

XML Authority doesn’t directly integrate with source systems. Instead, it gives organisations schema-based Excel and database structures that can be connected to their own data processes. For example, the database and tables created by XML Authority can be implemented in a client’s data warehouse, or the generated tables can be used within the client’s own database environment.

For Excel-based processes, the templates can be automated using formulas, links to other spreadsheets, or connections to other internal systems. This gives users flexibility: they can start with a manual template-based process and later automate more of the data population as their reporting process matures.

The level of automation, therefore, depends on the organisation’s internal data environment. XML Authority provides the schema-driven structure needed to generate XML, while the client controls how data is sourced, transformed, reviewed, and populated into the reporting template or database structure.

CRS and FATCA reporting doesn’t end with the first submission. Firms may need to submit corrections, amendments, nil returns, or resubmissions, and these filing types must still conform to the active schema.

XML Authority includes a correction mechanism that allows users to import a previous XML file.

The software has the capability to automatically transfer current DocRefId values to the appropriate correction DocRefId elements. This functionality simplifies the process of preparing corrections and amendments, eliminating the need for manually rebuilding the correction structure.

The report setup wizards in XML Authority include options for creating either a new report template or a correction template.

When you choose a correction template, the software displays the fields that are relevant to that correction process, along with the DocRefId fields associated with it.

If the correction mechanism is used, those fields can be populated automatically based on the previous XML file.

For FATCA no-return reporting, the relevant no-return element is available within the schema. If this is selected in the XML Authority report setup wizard, the software creates a template specifically designed for no-return reporting. This helps ensure users are working with a template that only shows the fields relevant to that filing type.

By tailoring templates to the selected reporting scenario, XML Authority simplifies the process, helping users create the correct XML format for new filings, updates, changes, and zero reports.

Audit trail, exception handling, and reconciliation are common requirements for organisations that need evidence of what was reported, what changed, and whether data has been reviewed before submission.

XML Authority doesn’t provide a formal audit trail in the sense of a user-level change log or workflow approval history. This is an important distinction for firms that require a full governance workflow inside the reporting platform.

However, XML Authority does support practical review and exception handling in several ways.

When data is imported, import issues can be exported to Excel. When validation is performed, validation errors can also be exported to Excel. This allows teams to review issues, share them internally, and maintain a record of the errors identified during the preparation process.

Users also retain their import templates, which can provide a record of the data used for report generation. Where firms have their own internal controls, version management, or approval workflows, these templates and exported validation files can form part of the broader evidence pack.

XML Authority also includes a report generator that uses a DOCX input and can create PDF outputs for specified elements. This is intentionally flexible: users can decide which elements are included in the report output. For example, a firm could create an account-holder feedback form showing selected information that has been reported on behalf of an account holder.

This makes XML Authority suitable for organisations that need practical exception exports and reporting outputs, but firms requiring a formal end-to-end audit workflow should consider how XML Authority will fit into their wider control environment.

Data quality is one of the most common causes of CRS and FATCA reporting problems. Missing mandatory fields, incorrect formats, incomplete account holder details, invalid account identifiers, or incorrect TINs can all create downstream issues.

XML Authority validates that the data entered matches the required field type and that mandatory fields are completed where required by the schema.

This ensures that the XML file created is structurally correct and that the data meets the rules set by the XSD.

However, XML Authority doesn’t validate whether TINs are correct against an external tax authority database. That type of validation would require an interface with an external reference source or authority system.

This is a useful distinction for buyers. XML Authority is designed to help users generate valid XML based on the schema. It checks the structure, mandatory fields, and required data types defined by the XSD. It is not intended to independently verify whether a tax identification number is genuinely correct for a specific person, entity, or jurisdiction.

For many firms, this is the right division of responsibility. XML Authority helps control the XML reporting process, while internal onboarding systems, customer due diligence processes, or master data systems remain responsible for the underlying accuracy of customer and account data.

One of the main reasons firms look for CRS and FATCA reporting software is to reduce reliance on bespoke code, manual XML editing, and developer-heavy maintenance.

XML Authority is suitable for compliance teams, IT teams, and non-technical users. It is designed to take the technical complexity of the XML schema and turn it into a more accessible reporting process. Users do not need to manually write XML or interpret the schema line by line.

The software generates templates that people can use based directly on the schema, allowing users to prepare the required data in Excel or database structures and then generate XML outputs from that structured information.

For compliance teams, this provides a more understandable way to work with CRS and FATCA reporting requirements. For IT teams, it reduces the need to build and maintain bespoke XML generation tools every time schemas change.

For users without technical skills, it offers an easy solution to create XML reports without requiring expert knowledge in XML development.

This is particularly valuable for organisations that want to bring CRS and FATCA reporting under a more controlled, repeatable process without building a custom reporting engine from scratch.

CRS and FATCA reporting requirements can change as authorities update schemas, technical guidance, or local submission requirements. For firms using internally maintained scripts or manually edited XML files, these changes can create significant redevelopment work.

Authority Software monitors supported schemas for changes and updates XML Authority when schemas are revised.

Schema updates are usually managed in three-week development cycles. Patches are released either when required or at the end of the sprint, including the updated schemas.

Since XML Authority can directly import XSD schemas, users gain extra flexibility when new or updated schemas are published.

They can begin working with the updated schema themselves or receive a schema library package from Authority Software.

This combination of software updates, schema library packages, and direct XSD import helps firms remain current as CRS, FATCA, and country-specific XML reporting requirements evolve.

Ongoing support is also important because CRS and FATCA reporting is not only a technical XML exercise. Reporting teams may need help understanding templates, validation errors, schema changes, and how best to structure their reporting process. Authority Software supports customers through its regulatory reporting expertise and ongoing product maintenance.

The right CRS and FATCA reporting solution should do more than generate an XML file. It should help firms manage schema changes, support multiple jurisdictions, reduce manual XML handling, validate against the relevant XSD, and provide a repeatable process for new filings, corrections, amendments, nil returns, and resubmissions.

XML Authority is designed for organisations that need a practical XML reporting solution for CRS, FATCA, and other schema-based reporting requirements. It is especially suited to firms that want: 

•  one platform for CRS, FATCA, and other XML reporting frameworks;

•  access to a schema library with country-specific versions where available;

•  the ability to import any XSD schema;

•  Excel and SQL structures generated directly from the schema;

•  XSD validation before submission;

•  support for corrections, amendments, and no-return templates;

•  a process suitable for compliance, IT, and non-technical users; and

•  ongoing schema monitoring and updates. 

It is equally important to understand where XML Authority is not intended to replace other systems. It doesn’t directly connect to every source system, it doesn’t provide external TIN verification, it doesn’t include CRS/FATCA business-rule validation beyond the schema, and it doesn’t provide a formal audit-trail workflow.

For many firms, this clarity is valuable. XML Authority focuses on the core challenge of schema-based XML reporting: turning complex XSD structures into usable templates and generating valid XML outputs without requiring users to build and maintain bespoke XML code.

For organisations looking to simplify CRS and FATCA XML reporting while maintaining flexibility across jurisdictions and schemas, XML Authority provides a structured, adaptable, and practical reporting solution.