VAT Solution for Financial Institutions in GCC Countries

Xelerate for GCC VAT, with over 200 indirect tax features pre-packaged into a simple and effective product, is uniquely designed to be an over-the-top (OTT) solution and can easily integrate with the bank’s existing technology landscape. The out-of-the box and end-to-end GCC VAT solution has been designed to de-clutter core engines, bring out the indirect taxation logic and ensure banks’ smooth journey towards GCC VAT compliance.

15 banks, across GCC, have partnered with us recently to comply to the newly launched GCC-VAT (Value added tax) regulation. Among them, the largest Islamic bank in the world, the largest bank in the Middle East and the No. 1 banks in Saudi Arabia and U.A.E.

We have also had tremendous success in India with the recently implemented GST (Goods and Service tax) regulations. We are the market leaders in India with over 23 banks and financial institutions using our solution.

 

 

What makes our product the leader in the market?

GCC VAT Solution - Scalability & Flexibility

Highly scalable and flexible product

VAT guidelines are still being developed in most regions with possible enhancements over the next year. Therefore a product which can change fast or add newer functionalities is essential. Xelerate® enables banks to implement VAT with a spectrum of pre-built, feature-rich functional modules.

There are a lot of concern over time taken and business continuity of a VAT implementation in GCC. SunTec’s agile mode of delivery ensures faster time to market and can get your bank VAT ready in about 8 weeks!! Seamless integration capability with any IT environment and both batch and online systems further adds to the advantage.

GCC VAT Solution - Centralized Control

Centralised control with local flavours

With Xelerate® GCC VAT solution, you can enable your banking technology ecosystem to derive, segregate and compute and account VAT in a centralized manner, thereby ensuring effective receivable and accounting management. This allows you to maintain a close control over your operations and ensure changes uniformly.

However, you can also bring in exceptions and local flavours to account for different demands or VAT rules if necessary. The GCC VAT solution allows easy parameterization rules to derive tax, irrespective of inter and intra-state combinations directly by the business. The exceptions can even go down to the bank levels.

GCC VAT Solution - Across Silos

Manage tax across business lines

Our GCC VAT solution has the unique ability to act as the middle layer sitting on top of multiple business lines and therefore analysing and orchestrating the data within one system. This helps in reduction of cost of maintaining multiple systems while at the same time eliminates the need for creation, maintenance and execution of multiple processes.

Having a 360 degree view of the customer also helps in adding taxes to singular invoices of the customer. This increases customer satisfaction as well as removes inefficiencies from the system. A comprehensive GCC VAT solution needs to offer a single view of the customer, which is exactly what Xelerate® does.

GCC VAT Solution - Don't Disrupt Core

Reduce disruptions to your core engines

Disruptions to the core systems are always risky. With components being hard-coded as well as quite dated on some occasions, it is not only a risk from time and money perspective but might cause business stoppage with considerable revenue loss.

Xelerate® is an enterprise class product designed to sit on top of your core engines from different lines of business. Therefore the VAT implementation happens without the need to disrupt business in any way. Therefore, our GCC VAT solution offers you all the benefits of a core system update without any of the risks.

Highly agile development and implementation

SunTec follows an extremely agile development and implementation methodology allowing us to complete implementation in a very short period. Since the regulations are new, we foresee a lot of changes and addendums coming in the recent future. Our solution is capable of bringing in these changes with an extremely fast turn around time.

There was a recent clarification published by the Central Bank in the UAE on how banks cannot exceed the fee structure due to changes in pricing for VAT. While other solutions struggled to implement this update with change requests, etc. our development team and solution itself was agile enough to provide a solution within 30 minutes through configuration changes.

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Get in touch with us now to get VAT ready before it is too late

300 million
end customers

15 billion
successful transactions

45 countries
and growing