Deutsche Bank has partnered with Xceptor Tax Solution to provide an automated workflow platform for the administration of capital gains withholding tax during the post-trade settlement process in Indonesia.
The enhanced platform will help reduce manual processes as well as the time taken to calculate withholding tax amounts.
Application programming interfaces (APIs) will also be utilised by Deutsche Bank to send real-time settlement details to the Xceptor Tax Solution.
Additionally, Xceptor’s solution will manage the documentation process electronically.
“Our continued efforts to execute on the bank’s global optimisation and digital strategy within our securities services business are of critical importance,” said Anand Rengarajan, managing director, global head of sales and head of Asia Pacific securities services at Deutsche Bank.
“Product enhancements such as the automation of tax processes, which we will look to replicate in other markets, directly benefit our foreign institutional clients such as global custodians, sovereign wealth funds and asset managers by providing faster turnaround times and improved accuracy.”
Deutsche Bank’s Corporate Bank originally partnered with Xceptor in February 2020 to automate the bank’s core processes in Indonesia, a move in line with its broader optimisation and digitisation strategy.
In April this year Deutsche Bank also named Samir Dhamankar as head of its securities services business in Indonesia, a key market within its Asia Pacific strategy.
“We are delighted to partner with Deutsche Bank to simplify post-trade settlement processes. The flexibility of the Xceptor Tax Solution to handle capital gains tax calculations and other financial transaction taxes means our customer can automate these complex manual processes and improve the speed, accuracy and service to their customers,” said Andrew Kouloumbrides, CEO of Xceptor.