EU Savings Tax Directive puts Banks under Pressure

AIM Software offers standard solution for automatic integration

Vienna (Austria) - After many years of negotiation, the European Union adopted the Directive on taxation of cross-border savings income ("EU Savings Tax Directive") in June 2003. Now only a few months remain until the end of June 2005 to accomplish the integration procedure in financial institutions.

The EU Savings Tax Directive is relevant for individuals residing in EU Member states, associated territories or third countries like Switzerland and Liechtenstein.

The implementation of the EU Savings Tax Directive is scheduled to take effect on July 1, 2005 and represents a major challenge for the financial industry. CRM systems and other applications have to ensure clear identification of both customers affected by the EU savings tax, as well as financial instruments on which relevant interest income will be disbursed.

In order for financial institutions to cope with the short remaining time, AIM Software offers an all-in-one solution for the automated processing of EU taxation data. This includes a guarantee to deliver recoded EU taxation data for target applications and daily reporting.

"The need for an out-of-the-box solution for a fast-and-low-risk implementation has frequently been voiced in the industry because of the EU'
s short deadline. Since the integration is performed similarly in financial institutions, an estimated 90% of the process can be standardized," states Martin Buchberger, CEO of AIM Software.

GAIN DataDesktop - the data management middleware by AIM Software - is designed for the processing of EU taxation data and 15+ back-office data feeds, such as those from Telekurs, Reuters and Bloomberg. Backed by the supported export formats and reporting functions, all requirements for a legally compliant processing of EU taxation data can be easily fulfilled.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development