Markit, a global provider of financial information services, has announced the launch of Markit CTI Tax Solutions for the Common Reporting Standard, which identifies tax residency and performs due diligence on customer accounts.

The solution enables institutions to conduct due diligence through validating account data across existing books and records, self-certification forms or existing account know your customer (KYC) data. The solution also has built in logic to extract the necessary information required to meet jurisdictional standards.

From Jan. 1 2016, the Common Reporting Standard (CRS) requires financial institutions in 56 jurisdictions to have stronger processes around automated solutions for due diligence, monitoring, customer data, tax reporting and responding to authorities’ requests for information to increase transparency between countries on foreign assets and investments.

Tax Solutions for CRS is available across all of the 56 early adopter countries and will be available in seven different languages in the second quarter of 2016.