Business process support vendor eClerx has partnered with Comply Exchange, a tax compliance and reporting services provide, to “form an end-to-end solution for tax reporting,” according to an official statement.
The partnership aims to provide financial entities with a scalable tax reporting solution to “support the many cumbersome activities associated with customer segmentation, client outreach, data validation and reporting of tax status,” the statement says.
Comply Exchange offers solutions to obtain, validate and manage documentation. It provides fund and investment management businesses with visualization modules, withholding statement builders, tax calculators and data exchange processing.
Through the integration of eClerx’s and Comply Exchanges capabilities, the new solution will bring together tax reporting software and financial markets operational support, enabling “organizations to quickly respond to the labyrinth of global and jurisdictional tax regulations,” the statement says.
“FATCA’s [Foreign Account Tax Compliance Act] and CRS’s [Common Reporting Standard] significant implications for reporting and compliance in the near-term have highlighted the reality that processing requirements to meet regulations will soon exponentially escalate,” says Alan Paris, principal at eClerx, in a prepared statement. “Our alliance with Comply Exchange will provide the easiest and most cost-effective way for institutions to process the mountain of paperwork that FATCA/CRS demands.” The new solution will feature structured and rules-based workflows with escalation protocols, customer segmentation support, end-to-end client validation and process controls, among other capabilities, officials say.
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