Deutsche Boerse’s post-trade services provider Clearstream has entered into a partnership with Xceptor, the data ingestion and transformation specialist.
The partnership will see Clearstream and Xceptor offer a service for withholding tax processing for financial intermediaries.
The two companies will deliver a joint service providing customers with automated and scalable processing capabilities for operational withholding tax.
The standardised process will allow for full automation of tax documentation workflows, accurate tax rate determination and an optimised withholding tax relief and reclaim process.
Andrew Kouloumbrides, CEO at Xceptor, says: “The Xceptor Tax Solution is already the de facto industry solution for 5 of the top 10 global custodians. The partnership with Clearstream, takes us onto the other side of the process, laying the foundations for an industry shift. We are delighted to be partnering with Clearstream in bringing this initiative to market.”
Samuel Riley, head of investor services and financing at Clearstream, adds: “Our clients rightly put their focus on asset servicing processes and delivery. A harmonised and streamlined withholding tax service is a key part of the solution and a cornerstone of efficient and transparent cross-border markets. With Xceptor, we found an excellent partner to build our tax service vision for the industry thus supporting our customers best.”
Last week, Clearstream also announced that it has reintroduced its securities offering for international investors in Iceland.
