Mashreq Bank partners with SunTec to meet VAT compliance

Bank to leverage SunTec’sXelerate to navigate the complexities of VAT

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.”

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Commenting on the partnership; Sandeep Chouhan, Head of Operations and Technology, Mashreq Bank, stated: “We are pleased to implement SunTec’sXelerate, 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’sXelerate 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.

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