BearingPoint's software awarded "The Best Solution in Tax Reporting"
Zürich (ots)
Management and technology consultancy BearingPoint, which ranks among the leading providers of regulatory, risk and tax technology (RegTech/RiskTech), has been announced as the winner in the category "Best Solution in Tax Reporting" at the Regulation Asia Awards for Excellence 2018.
The award recognized BearingPoint's FiTAX, a standard software for financial institutions to produce tax reports required by tax authorities. Regulation Asia's editorial team and a panel of experts acting as judges and advisory panel went through a rigorous selection process. The judges took into account solutions that empower compliance teams to manage change in a connected and structured manner with both speed and precision, enabling professionals to confidently anticipate and act on risks, make smarter decisions and accelerate change implementation.
Brad Maclean, co-founder and Executive Chairman Regulation Asia said: "The risks of noncompliance with tax reporting obligations under such regimes as FATCA are too great for financial institutions to ignore. Yet, compliance can be operationally burdensome and costly without the right tools in place. With FiTAX, BearingPoint has managed to automate the reporting process and reliably provide a solution that is kept up-to-date with new regulatory requirements, removing many of the pain points for banks in their reporting obligations."
Ronald Frey, Chief Product Officer RegTech at BearingPoint, commented: "We are particularly proud of this award as it reflects our successful market entry in the Asia-Pacific region and honors our strong efforts and work over the last years. It is an acknowledgment of the success of our tax reporting solutions, which we have been running for almost 20 years now."
BearingPoint's FiTAX is a standardized and ready-to-use tax reporting software that meets the reporting requirements of QI, FATCA (and its IGAs) and CRS/AEOI. The software offers various modules and enables financial institutions to report to tax authorities all over the world from a single, centralized platform. It covers end-to-end workflow traceability, impact analysis of relevant tax data, and provides corresponding analytics and reporting capabilities.
About BearingPoint RegTech
With its RegTech product unit, BearingPoint is a leading international provider of innovative regulatory and risk technology (RegTech and RiskTech) solutions and services along the Regulatory Value Chain for the financial service industry. Customers representing 6,000 firms worldwide, among them large international banks, a major part of the largest European banks, leading insurance companies as well as supervisory authorities and central banks, trust BearingPoint's RegTech products and services. We work closely with regulators and, as a member of standardization bodies such as the XBRL consortium, we actively contribute to the standard-setting process. We combine our regulatory know-how with our well-established, reliable and forward-looking RegTech solution suite, expert consulting capabilities, as well as managed services and training seminars.
For more information about our products, please visit: http://www.reg.tech
Homepage: www.bearingpoint.com
Annual Report: www.bearingpoint.com/en/about-us/annual-report/connecting-the-dots/ LinkedIn: www.linkedin.com/company/bearingpoint Twitter: @BearingPoint
Contact:
Ursula Steingruber
Marketing & Communications Manager
Tel. +41 43 299 73 62
mailto:ursula.steingruber@bearingpoint.com