BNY Mellon picks Xceptor to streamline its custody tax operations
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BNY Mellon picks Xceptor to streamline its custody tax operations 03 August 2022US Reporter: Jenna Lomax
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BNY Mellon has selected the Xceptor tax platform to provide digital process automation for tax documentation management and pre-population, as part of a wider effort to streamline key areas of its custody tax operations.
The agreement will also enhance BNY Mellon’s capability to identify tax relief opportunities, enhance submission, and track withholding tax reclaims.
BNY Mellon’s phased implementation of Xceptor's end-to-end tax platform is part of a multi-year licensing agreement.
Liam Stanbridge, head of tax product at BNY Mellon, says: “BNY Mellon’s adoption of the Xceptor Tax Solution will help us transform how we perform custody tax services for our clients.
“This aligns with our digital strategy to offer scalability and agile functionality, strengthening both our tax service proposition and our client experience. We look forward to working with Xceptor on implementing this programme together and advancing digital integration across market participants to help make withholding tax relief more efficient for institutional investors.”
Andrew Kouloumbrides, CEO at Xceptor, comments: “As the move towards digital versatility and capability intensifies, fuelled by increasing regulatory oversight, there is a need for financial institutions to implement more efficient and effective processes.
“The Xceptor Tax Solution embodies our deep industry knowledge of optimising and automating tax processes, which has been derived from transforming tax operations for the world’s leading financial institutions.”
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