Deutsche Bank has launched an automated workflow platform for the administration of capital gains withholding tax during the post-trade settlement process in Indonesia, utilising the Xceptor Tax Solution. The platform will help to reduce manual processes and decrease the time to calculate withholding tax amounts, says Deutsche Bank. The bank says it will also utilise application programming interfaces to send real-time settlement details to the Xceptor Tax Solution. In addition, the solution will electronically manage the documentation process. In February 2020, Deutsche Bank’s Corporate Bank first announced its partnership with Xceptor to automate the bank’s core processes in Indonesia, as part of its broader optimisation and digitisation strategy. Anand Rengarajan, managing director, global head of sales and head of Asia Pacific – securities services at Deutsche Bank, says: “Product enhancements such as the automation of tax processes, which we will look to replicate in other markets, directly benefit our foreign institutional clients such as global custodians, sovereign wealth funds and asset managers by providing faster turnaround times and improved accuracy.” Andrew Kouloumbrides, CEO of Xceptor, comments: “We are delighted to partner with Deutsche Bank to simplify post-trade settlement processes.” “The flexibility of the Xceptor Tax Solution to handle capital gains tax calculations and other financial transaction taxes means our customer can automate these complex manual processes and improve the speed, accuracy and service to their customers.”
