Wholesale Banking Tax Center of Excellence for a Leading BankA combination of consulting capabilities and partnering with technology to build an innovative capable digital solution.
A top tier bank wanted to establish a tax center of excellence to solve multiple challenges of its current wholesale tax services system for global corporate, municipal and institutional clients. The challenge was to provide a strategic solution to centrally manage, report and comply with Federal reporting for Withholding and FATCA compliance. To achieve the objective, Synechron suggested building a unified tax portal to manage client onboarding, calculate tax withholding and enable statutory reporting to the IRS. Synechron combined both consulting capabilities and partnering with technology to build an innovative capable digital solution.
We provided the following services:
- Assessment and recommendations for an interim and subsequent strategic solution
- Build vs. buy advisory for tax form validation and reporting
- Creating a single wholesale tax portal with workflow capability, task management and client onboarding using BPM and rest services
- Devised future adaptiveness and business integration with other line of business, corresponding application and vendor solutions
Standardized and centralized dynamic technology
- Increased data security
- Streamlined communications
- Added presumption rule and transactional tax calculations
- Serving direct as well as Indirect clients across the entire tax lifecycle
A global team with a laser focus
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