Mashreq Bank and SunTec partner to meet VAT compliance

Mashreq Bank and SunTec partner to meet VAT compliance
05.07.2018 10:01 am

Mashreq Bank and SunTec partner to meet VAT compliance

Banking

SunTec, the leader in revenue management and customer experience orchestration, today announced its partnership with Mashreq Bank, one of the leading financial institutions in the UAE. Through this collaboration, SunTec will enable seamless computing and invoicing of the recently introduced Value Added Tax, without causing disruptions to Mashreq’s existing systems.

Commenting on the corporation, Nanda Kumar - Founder and CEO of SunTec, said, “We are proud to be the partner of choice for Mashreq Bank in their journey towards VAT compliance. Xelerate for VAT has been designed specifically to ensure that our clients find it convenient to become VAT compliant with least amount of interference to their existing infrastructure and carry on with business as usual. This is achieved by integrating all key systems with a single over-the-top (OTT) VAT solution that can become a real-time basis for tax computation.”

Commenting on the partnership; Sandeep Chouhan, Head of Operations and Technology, Mashreq Bank, stated: “We are pleased to implement SunTec’s Xelerate, which is expected to have a tangible positive impact on streamlining our operations and establishing a convenient tax compliance structure. As Mashreq works on building an efficient and smooth VAT computing system both within our frontend and backend processes, we believe Xelerate is a technology that will easily integrate within our existing infrastructure. Ultimately, we believe the new technology will largely benefit our customers, many of whom are still adapting to the changes that VAT brings, and help them understand how their financials are being affected in a clear and precise manner.”

SunTec’s Xelerate for VAT has been specifically developed for the Gulf nations to cater to the newly added complexity of taxes. It is uniquely designed to be an over-the-top (OTT) solution and can easily integrate with the existing technology landscape of Mashreq Bank. This ‘out-of-the-box’ will integrate multiple back-end systems and ensure banks’ and financial institutions’ smooth journey towards VAT compliance.

VAT is the first step that the GCC countries have taken towards a tax regime. All industries will get affected by this, including banking and financial services which is one of the major industries SunTec caters to. Companies with presence in multiple GCC countries will likely see manifold increase in complexities over time. It is imperative to streamline operations so that service offerings are not compromised and the financial institutions maintain the competitive edge.

Related News

Auriga congratulates Millennium BCP on winning top global banking award

Auriga, a leading supplier of technological solutions for the omnichannel banking and payments industries, and one of Europe’s original FinTech success stories, today applauded... Read more »

Arya Partners with Intuit, Quicken®, and Mint

VSoft Corporation, a global provider of information and technology solutions for financial institutions, announced a strategic alliance with ... Read more »

Fidor Joins Consortium to Create ASEAN Financial Innovation Network’s First Regional API Fintech Marketplace and Sandbox

Fidor Solutions, an innovative provider of digital banking services, today signed an agreement with AFIN to create ASEAN’s... Read more »

Banks will reign supreme in the battle against fintech giants

Asia-Pacific (APAC) is leading the world in the adoption of digital banking due to consumers’ constantly evolving demands, combined with the unbanked potential and benign... Read more »

TransPecos Banks Selects NYMBUS to Launch BankMD.com

NYMBUS, the world’s most advanced revenue and technology solutions company, today announced TransPecos Banks has selected NYMBUS SmartLaunch to outsource the operation of its... Read more »

Lombard Risk, a Vermeg Company, Announces Support of Resolution Planning Reporting and the latest Bank of England Updates

The Bank Recovery and Resolution Directive (BRRD) has been in effect for some time but this will now be accompanied by reporting obligations to both EBA and PRA.

EBA ‘Z... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App