LAKE SUCCESS, N.Y. & ANDOVER, Mass.--(BUSINESS WIRE)--
Broadridge
Financial Solutions, Inc. (NYSE:BR) and Compliance
Technologies International, LLP (CTI) jointly announce that they
have entered into a partnership that integrates Broadridge’s Tax Managed
Services (TMS) with CTI’s Tax Withholding software. This alliance offers
broker-dealers comprehensive tax reporting and compliance capabilities
designed to meet the increasingly complex tax processing and withholding
needs of financial services firms.
Through the alliance, Broadridge will expand its end-to-end tax
outsourcing solution to include NRA (non-resident alien) reporting,
withholding, document tracking and compliance tools. This enhanced
functionality supported by CTI promotes compliance with the Foreign
Account Tax Compliance Act (FATCA) and aims to consolidate and
streamline a number of labor-intensive back-office functions related to
Foreign Financial Intermediaries (FFIs) and complex NRA withholding
requirements.
“Just as firms are working through the initial phases of cost-basis
regulation, they will then be hit with yet another round of new
regulatory requirements relating to FATCA
legislation,” said Geoff de Lesseps, Senior Vice President, Investor
Communication Solutions, Broadridge. “Broadridge and CTI plan to be
there to help lessen the burden of FATCA, which will be just as
monumental a change in requirements as in cost-basis reporting, but is
currently flying under the radar as a result of firms being inundated
with meeting current regulatory requirements.”
“Broadridge and CTI have developed industry standard solutions that
define the tax reporting and compliance field,” said Cyrus Daftary,
Executive Director and co-founder of CTI. “Given the increasing
compliance demands in the tax information withholding and reporting
area, coupled with FATCA requirements, the synergies created by our
relationship will be very beneficial to firms. Through the alliance,
firms will benefit from the confidence in partnering with two proven
industry leaders.”
In 2010, Broadridge announced a strategic alliance with Convey
Compliance Systems to provide broker-dealers with real-time tax
reporting via a more flexible, customizable platform through Tax Managed
Services. The addition of CTI’s intermediary processing and
tax-withholding software complements an already powerful combination of
tax data, processing, cost-basis and investor communications tools
available in TMS, the latest offering in Broadridge’s suite of Tax
Information Reporting Services (TIRS). TMS can be used across any
back-office platform, front-end system and technology. Broadridge has
offered tax reporting solutions to the brokerage industry for more than
25 years.
About Broadridge
Broadridge is a technology services company focused on global capital
markets. Broadridge is the market leader enabling secure and accurate
processing of information for communications and securities transactions
among issuers, investors and financial intermediaries. Broadridge builds
the infrastructure that underpins proxy services for over 90% of public
companies and mutual funds in North America; processes more than $3
trillion in fixed income and equity trades per day; and saves companies
billions annually through its technology solutions. For more information
about Broadridge, please visit www.broadridge.com.
About CTI
CTI's software and services have been used in multi-national
corporations and eight of the ten largest financial institutions in the
world since 1998. CTI has a strong team of highly specialized and
experienced international and domestic tax and software professionals,
including lawyers, accountants, software engineers and operations
experts. CTI's team is a leader in cutting-edge global tax technology;
consulting and outsourcing services specializing in information return
reporting and tax withholding. Years of practice have contributed to
CTI's long standing and solid relationships with worldwide financial
institutions, multi-national corporations, tax authorities and
governments. For more information, see www.cticompliance.com.
About Convey
Convey Compliance Systems reduces both the costs and risks associated
with handling 1099 reporting at both the federal and state level.
Clients depend on Convey's innovation and expertise to assure tax
compliance while handling the complexities of reporting and filing tax
documents on behalf of customers, vendors and investors. Convey's
solutions combine over 25 years of expertise in 1099 reporting with
configurable on-demand software and operational services, all designed
to reduce costs, increase efficiency and mitigate risk. Founded in 1986
and headquartered in Plymouth, Minn., Convey serves over 2,000 clients
ranging from small businesses processing hundreds of forms to Fortune
500 companies processing millions of forms. For more information, visit www.convey.com.
Source: Broadridge Financial Solutions, Inc.