BANGALORE, INDIA,– 21 FEBRUARY 2017 – SunTec, which partners with global financial services organisations to increase the lifetime value of their customer relationships through effective revenue management and customer experience orchestration, today, announced the launch of its unique solution, Xelerate for GST. This advanced solution will enable banks to unify GST compliance across multiple lines of business so to be ready for the rollout.
As per the Finance Ministry’s mandate, India will roll out the GST Act by 1st July 2017. The GST Act, a massive reform in the taxation system in India, will bring about rationalization to eliminate the cascading effects of taxes which the end consumer usually has to bear with. Simply put, the GST will enable the government to bring about greater transparency in business transactions and simplify compliance needs. The GST Act is expected to impact banks and financial institutions across multiple dimensions. Under the GST regime, the aspect of recognizing revenues, procurements and credits would need to be revisited. Banks will need to identify services which are linked to an account or otherwise, as this will determine the place of supply. Businesses need to be prepared for the extensive nature of reforms that the GST seeks to bring in. There is an early urgent need for awareness, because if the implementation has glitches it will create a lot more complications for businesses to smoothly operate.
Xelerate for GST is uniquely designed to be an over-the-top (OTT) solution which can easily integrate into the bank’s existing IT Landscape. Designed with the principal of minimum changes to existing systems, SunTec, through Xelerate for GST, will be a partner to the bank in meeting the planned roll out this year. This ‘out-of-the-box’ solution with pre-set rules and definitions can be easily configured and will offer centralized management of information, simplified processes and easy identification, segregation, application, reversals and consolidation of charges.
K Nanda Kumar, CEO at SunTec said, “GST is expected to have a far-reaching impact on businesses and the economy of our country. While the GST is recognized globally as a progressive tax regime, banks and financial service institutions will have to put in a lot of groundwork to ensure they are GST ready without losing focus on their larger business vision. There will be an inevitable business transformation and the time available for banks to make changes across their business functions will be a significant challenge. SunTec’s Centre of Excellence for GST, coupled with our agile mode of delivery will ensure faster time to market for banks. This solution will facilitate a framework that will enable banks to render seamless service to their patrons”.
With the roll out of GST there will be a pressing need for banks to rework on their existing solution landscape and adhere to compliance needs. Business of banking will also substantially increase due to greater volume of accounted transaction. SunTec’s Xelerate for GST is the need of the hour robust solution that will aid banks in steady functioning, enhance their service offering and score the advantage point.
At SunTec Business Solutions, we help our clients increase the lifetime value of their customer relationships through effective revenue management and real-time customer experience orchestration. We are the leading provider of experience orchestration solutions not only to financial services but also digital and communications services industries. With a legacy of deployments in 50+ countries, SunTec is a trusted partner of the world’s leading banks and digital and communication service providers like HSBC, ING, Mashreq and Cable One. Headquartered in India, we have our offices in USA, UK, Germany, UAE and Singapore.
With a team of highly skilled folks and our highly innovative product development models, we help our clients to always remain at the cutting edge of technology. A stable, mature and flexible product suite, Xelerate is benchmarked regularly for optimum performance. Coupled with insights from our industry experts and a robust future-ready roadmap, Xelerate continues to develop along with the market. Able to seamlessly integrate with any ecosystem, it is one of the fastest products to implement.