Broadridge and Xceptor Unite to Revolutionize Tax Processes
In an exciting development for the financial services sector, Broadridge Financial Solutions, Inc. (NYSE: BR) has announced a significant partnership with Xceptor, a leader in data automation for financial entities. Together, they are launching a cutting-edge integrated solution designed to automate withholding tax relief and streamline reclaim processes, enhancing compliance across various global markets within the asset servicing landscape.
Harnessing Technology for Global Tax Relief
The newly forged partnership will see Xceptor Tax integrated with Broadridge's Global Tax & Client Reporting Solution, creating a holistic digital platform that automates the entire global tax relief and reclaim lifecycle. This remarkable collaboration aims to address the increasing complexity surrounding financial institutions' tax operations, especially as regulatory demands grow, and transaction volumes surge.
Tom Burke, the President of Global Asset Servicing at Broadridge, expressed enthusiasm about the collaboration, stating that it is a critical component of their strategic effort to deliver a comprehensive and integrated solution for asset servicing, including tax reclaims. He noted how institutions are challenged by evolving regulations and market dynamics, and that this partnership allows clients to move beyond inefficient manual processes, significantly improving both accuracy and speed while ensuring better compliance.
Innovative Features and Benefits
Broadridge and Xceptor's unified solution is designed to connect critical components like data, documentation, and decision-making throughout the global tax and asset servicing lifecycle. Their technology leverages Broadridge's extensive platform capabilities along with Xceptor's sophisticated and configurable automation tools.
This collaboration will enable clients to easily connect with existing systems, automate data flows, and maintain comprehensive documentation while receiving timely regulatory updates. The streamlined processes will help identify Relief at Source (RAS) and Tax Reclaim opportunities efficiently, allowing firms to monitor eligibility effectively and manage tax documentation seamlessly.
As a result, financial institutions can expect quicker reclaim processing times, reduced operational risks, and compliance maintenance throughout complex tax frameworks and dynamic regulatory landscapes.
Empowering Financial Institutions
According to Michiel Verhoeven, the CEO of Xceptor, the synergy between their companies delivers best-in-class product features, automating data intelligently while also leveraging their combined expertise in financial services. Verhoeven expressed that together, they are driving significant changes within the industry, providing firms with the essential control, visibility, and scalability needed to enhance tax operations on a global scale.
The Market Demand for Digitized Tax Solutions
This innovative solution aligns perfectly with Broadridge's commitment to delivering the broadest end-to-end asset servicing capabilities available in the marketplace. It addresses an acute need among financial institutions for a singular, digitized, scalable, and compliant framework dedicated to tax automation.
The alliance empowers firms to transform their global tax operations, achieving improved compliance efficiencies and better client experiences while also future-proofing against regulatory shifts, such as MiKaDiV and EU FASTER regulations.
About Broadridge Financial Solutions
Broadridge Financial Solutions (NYSE: BR) stands as a global technology pioneer, committed to providing rich expertise and transformative technologies that help clients and the financial services sector operate, innovate, and grow. They facilitate investing, governance, and communication activities for their clients to enhance operational resilience and elevate business performance.
With technology platforms that handle over 7 billion communications annually and support daily trading activities exceeding $15 trillion globally, Broadridge is recognized as a certified Great Place to Work and proudly features in the S&P 500 Index. The company employs over 15,000 associates across 21 countries.
About Xceptor
Xceptor has emerged as a frontrunner in the realm of data automation for financial institutions, particularly in capital markets. With over 125 clients and 11,500 users in 60 countries, Xceptor empowers organizations to take control of their data, streamline operations, and minimize risks through AI technology.
The Xceptor Data Automation Platform revolutionizes efficiency across the entire trade lifecycle by automating processes from data ingestion to validation. This platform is engineered to ensure data integrity while reducing operational errors, time demands, and costs, lessening dependency on technical teams.
Xceptor's versatile platform bolsters their suite of specialized solutions, which include Xceptor Tax, Xceptor Reconciliations, and Xceptor Post-Trade Operations, thereby optimizing workflows and fostering compliance within core trading operations.
Frequently Asked Questions
What does the partnership between Broadridge and Xceptor entail?
The partnership automates the global tax relief and reclaim processes by integrating Xceptor Tax with Broadridge's Global Tax & Client Reporting Solution.
How does the new solution benefit financial institutions?
It enhances efficiency, reduces operational risks, speeds up reclaim processing, and improves compliance across diverse tax processes.
What markets does this solution apply to?
The solution is designed for global markets, accommodating multi-jurisdictional tax responsibilities and varying regulatory environments.
Who are the main stakeholders in this collaboration?
The main stakeholders are Broadridge Financial Solutions and Xceptor, both leaders in their respective fields.
What is Broadridge's role in the financial market?
Broadridge serves as a technology leader, facilitating essential functions like investing, governance, and communication within the financial services industry.
