eClerx & Comply Exchange announce alliance to solve tax reporting pressure

London and New York - 18 May 2015

Solution provides end-to-end tax operations support

eClerx a global provider of business process support to the world’s largest financial institutions, today announced a partnership with Comply Exchange, to form an end-to-end solution for tax reporting. The partnership instantly provides financial entities with a scalable tax reporting solution to support the many cumbersome activities associated with customer segmentation, client outreach, data validation and reporting of tax status.

Through the integration of eClerx’s and Comply Exchange’s mutually complementary capabilities, the solution brings together market-leading tax reporting software and financial markets operational support enabling organizations to quickly respond to the labyrinth of global and jurisdictional tax regulations.

Alan Paris, Principal at eClerx commented, “FATCA’s and CRS’s significant implications for reporting and compliance in the near-term have highlighted the reality that processing requirements to meet regulations will soon exponentially escalate. Our alliance with Comply Exchange will provide the easiest and most cost-effective way for institutions to process the mountain of paperwork that FATCA/CRS demands.”

David Marley, Managing Director, Comply Exchange commented “Financial institutions are quickly coming to recognize just how onerous this new world of tax has become.  The alliance with eClerx will provide the advantages of scale, cost-effectiveness and financial operations specialization for us to support the ever changing demands of tax reform.”

Benefits of the partnership include:

  • Structured and rules-based workflows with in-depth escalation protocols
  • Customer segmentation support
  • Automated outreach and follow-up based on client’s risk scorecard
  • End-to-end form validation for all client details and timely update in bank’s internal systems
  • Multi-jurisdictional coverage for E-Self Certifications , Chapter 3, FATCA & UK CDOT Support
  • Flow-through Structures & Withholding Calculation
  • Process Controls & Management
  • Robust reporting and customizable dashboards

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