Mashreq Bank partners with SunTec to meet VAT compliance
Bank to leverage SunTec’s Xelerate to navigate the complexities of VAT
Dubai, United Arab Emirates, 03 July 2018: –SunTec, the leader in revenue management and customer experience orchestration, today announced its partnership with Mashreq Bank, one of the leading financial institutions in the UAE. Through this collaboration, SunTec will enable seamless computing and invoicing of the recently introduced Value Added Tax, without causing disruptions to Mashreq’s existing systems.Commenting on the corporation, Nanda Kumar – Founder and CEO of SunTec, said, “We are proud to be the partner of choice for Mashreq Bank in their journey towards VAT compliance. Xelerate for VAT has been designed specifically to ensure that our clients find it convenient to become VAT compliant with least amount of interference to their existing infrastructure and carry on with business as usual. This is achieved by integrating all key systems with a single over-the-top (OTT) VAT solution that can become a real-time basis for tax computation.”
Commenting on the partnership; Sandeep Chouhan, Head of Operations and Technology, Mashreq Bank, stated: “We are pleased to implement SunTec’s Xelerate, which is expected to have a tangible positive impact on streamlining our operations and establishing a convenient tax compliance structure. As Mashreq works on building an efficient and smooth VAT computing system both within our frontend and backend processes, we believe Xelerate is a technology that will easily integrate within our existing infrastructure. Ultimately, we believe the new technology will largely benefit our customers, many of whom are still adapting to the changes that VAT brings, and help them understand how their financials are being affected in a clear and precise manner.”SunTec’s Xelerate for VAT has been specifically developed for the Gulf nations to cater to the newly added complexity of taxes. It is uniquely designed to be an over-the-top (OTT) solution and can easily integrate with the existing technology landscape of Mashreq Bank. This ‘out-of-the-box’ will integrate multiple back-end systems and ensure banks’ and financial institutions’ smooth journey towards VAT compliance.
VAT is the first step that the GCC countries have taken towards a tax regime. All industries will get affected by this, including banking and financial services which is one of the major industries SunTec caters to. Companies with presence in multiple GCC countries will likely see manifold increase in complexities over time. It is imperative to streamline operations so that service offerings are not compromised and the financial institutions maintain the competitive edge.
About Mashreq Bank
Established in 1967, Mashreq is the oldest Bank in the UAE with award-winning financial solutions and services. Throughout its 50 years’ history, Mashreq has differentiated itself through innovative financial solutions, making it possible for its customers to achieve their aspirations. Today, Mashreq has a significant presence in 11 countries outside the UAE with 26 overseas branches and offices across Europe, USA, Asia, and Africa.Mashreq launched its new Vision and Mission in 2016, outlining its commitment towards its clients, colleagues and the community. In line with its new Vision to be the region’s most progressive bank, Mashreq leverages its leadership position in the banking industry to enable innovative possibilities and solutions for its customers across Corporate, Retail, International, Treasury and Islamic Banking. Mashreq is proud to be the first financial institution in the UAE to be awarded the Gallup Great Workplace Award for fifth consecutive years from 2014-2018. Mashreq also continues to invest in recruiting, training and developing future generations of UAE National bankers.
At SunTec, we help our clients increase the lifetime value of their customer relationships through effective revenue management and real-time customer experience orchestration. Our low risk digital transformation approach enables clients to own the customer experience by enhancing their value-based engagement. With 100+ clients in 45+ countries, SunTec is a trusted partner of leading
organizations across Banking, Financial services, Insurance, Telecom and Travel industries. Headquartered in India, we have operations in USA, UK, Germany, UAE, Singapore and Australia. 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.
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