Confinale is a consultancy and software development company that specialises in tax digitalisation projects for the banking and financial sector. We find solutions for upcoming challenges in the area of taxation, either by implementing new functionalities in existing bank software, or by developing totally new applications.

Services

Tax consultancy

Steuerberatung

Our “Tax Consultancy” division continuously monitors national and international tax developments and analyses their

possible implications for banks and other financial intermediaries.
Where action is required, the parties concerned are offered specific advice on relevant topics. Tax Consultancy also supports our two other divisions – “Business Analysis” and “Software Development” – in their market- and product-analysis and makes operational tax knowhow available in-house.
In the case of product development, Tax Consultancy is responsible for creating tax specifications and assumes responsibility for monitoring tax rules following acceptance and the production launch.
Tax Consultancy works closely with outside partners and acts as a link between Confinale and outside tax specialists.

  • Tax advice focused on financial service-providers
  • In-depth knowhow in tax digitalisation matters
  • Co-operation with outside partners


Your Benefits

  • Information on the very latest developments and on action to be taken by banks
  • Tax support during product development and following the launch
  • Interface with outside tax specialists

Contact:
Dr. Thomas Twerenbold
+41 41 720 09 58
thomas.twerenbold@confinale.ch

Software development

Software Entwicklung

The tax-relevant processes in the banking and financial sectors are complex and time-consuming. The increasing digitalisation

in this area is meant to support employees in both the front and back office. Our IT experts, working in close co-operation with our tax specialists, develop innovative software solutions in the areas of taxation, legal & compliance. To develop the software, they work with the latest development tools and processes (V-model and agile software development), and attach great importance to state-of-the-art software architecture and code development. Their software designs follow the Rational Unified Process (RUP) and thus enables close co-operation between business analysis and software development.

  • Support through increased use of digitalisation
  • Modern software development
  • Close co-operation between IT-experts, tax specialists and business analysts


Your Benefits

  • High degree of process automation
  • Reduction of error ratio
  • Cost reduction in the back office
  • Improved customer service
  • State-of-the-art tax applications

Contact:
Renzo Küttel
+41 41 720 09 58
renzo.kuettel@confinale.ch

Business analysis

Business Analyse

Our business analysis in the area of taxation includes the following activities:

  • We analyse, define and document functional and technical requirements
  • Design functional and technical architecture
  • Set parameters and customise systems
  • Create and execute test concepts and test cases
  • Train the project team and end users

With regard to the Avaloq banking system, we have extensive knowledge of the following tax modules:

  • Customer tax reporting (Switzerland, UK, USA, Spain, and other countries)
  • EU savings tax
  • Final withholding tax
  • Qualified intermediary and FATCA
  • German taxation, including WM data
  • Capital-gains engine
  • Transactional taxation


Your Benefits

  • Functional and technical consultancy and implementation from a single source
  • Cost-effective and customer-specific solutions
  • Regular update service on functional requirements in Avaloq

Contact:
Roland Staub
+41 41 720 09 58
roland.staub@confinale.ch

Solutions

Tax Reclaim

The “Tax Reclaim” web application enables the automated generation and administration of forms and covering letters for reclaiming foreign tax

deducted at source on interest and dividends under double taxation agreements (including reclaiming Swiss withholding tax for those who are domiciled abroad). The functionalities include the processing of country-specific tax-reclaim processes and the monitoring of these processes in relation to relevant time limits and deadlines. Confinale constantly monitors the processes and forms, and provides corresponding updates whenever they are needed.

  • Web application for tax reclaim under tax treaties
  • Automated processing and monitoring of the reclaim process
  • Constant updating
  • Large country matrix


Your Benefits

  • Automated reclaim of withholding taxes on dividends and interest
  • Optimisation of the after-tax-return for your customers
  • More than 50 different reclaim forms
  • Integrated country-specific processes
  • User-friendly processing of applications and clear monitoring
  • Flexible link to your existing infrastructure
  • Individually adjustable workflows and fees structure

Contact:
Sabrina Mullis
+41 79 790 29 43
sabrina.mullis@confinale.ch

1042-S: electronic QI reporting

In the context of the 1042-S reporting, all banks acting as a qualified

intermediary (QI) have to report the US-sourced income of non-US persons to the US Internal Revenue Service (IRS) every year. Since tax year 2014 onwards, all reporting banks are obliged to submit the report as an electronic file! The deadline for the reporting of the 1042-S file for the tax year 2015 is March 15, 2016.

Confinale has developed a solution in the Avaloq banking system based on a file report that generates the correctly formatted 1042-S electronic file.

The relevant QI codes (recipient code, exemption code, and income code) for the tax year 2015 have changed. Confinale supports banks in implementing the new QI data model and makes all necessary changes in Avaloq.


Your Benefits

  • The solution is fully integrated in Avaloq
  • Your existing method to reconcile with custodians remains in place
  • QI treatment of transactions can be easily monitored and understood
  • Direct and fully transparent audit trail
  • Compliance with relevant IRS rules and regulations and avoiding potential US penalties
  • Reduction of manual errors through automatization
  • You get an up-to-date QI rulebook

Contact:
Birol Izel
+41 78 808 98 96
birol.izel@confinale.ch

Country-specific tax reporting

Country-specific tax reporting plays an increasingly important role in the

range of client services offered by banks. Thereby tax reports are produced for the banks' customers which determine and present the income, capital gains and assets of the customers in accordance with the tax regulations of the respective country of residence of the customer.

In order to be able to offer the Avaloq community a tax reporting tool that is unique in terms of quality, Confinale is working closely together with the experts of PwC and Avaloq.

The results of the cooperation are offshore reporting functionalities for all important customer countries that are fully integrated in the Avaloq Banking Suite and are constantly tested for tax technical accuracy. These allow the respective bank to produce the tax reports fully integrated in Avaloq using the existing production and distribution channels.

  • Fully integrated in the Avaloq Banking Suite, no interfaces
  • Country-specific rule-based reports specified and tested by PwC
  • Generic reports (FIFO, LIFO, Average)
  • Reports can be produced during the year and realised/unrealised capital gains can be calculated anytime
  • Reports adapted to the corporate design of the respective bank
  • Connected to the existing Output Management System
  • Ongoing monitoring of tax regulations and updates when required
  • Summary of the most important tax dates / deadlines for each country
  • Periodic training of users and front office
  • Hotline for technical and tax-specific queries
  • Costs depend on the number of reports produced


Your benefits

  • High-quality tax reports generated in your Avaloq Banking Suite
  • Complete transparency and traceability of the individual transactions
  • High level of automation with connection to the existing production and distribution process
  • Limited internal resources required due to our extensive IT and tax-technical support
  • No third-party reporting system and therefore no interfaces required
  • Attractive, usage-based pricing

Contact:
Pascal Inauen
+41 79 302 63 28
pascal.inauen@confinale.ch

CRS/AEOI Implementation

The implementation of the Automatic Exchange of Information (AEOI)

between tax authorities based on the Common Reporting Standard (CRS) of the OECD provides banks with big challenges in a number of ways.

To be in a position to efficiently support banks in this task, Confinale has built a special AEOI expert team which focuses on the CRS implementation based on the applicable country-specific AEOI rules and regulations.

As a Special Service Partner of Avaloq for the implementation of their new CRS-module, Confinale works closely with Avaloq’s development department and is familiar with the architecture and the functionality of the new tools.

Our services include in particular:

  • AEIO Gap-analysis based on a client-data and person-model review
  • Development and implementation of a comprehensive, automated AEOI customer communication process, including client due diligence and change-in-circumstances
  • Implementation, parameterization and testing of the new Avaloq CRS-module
  • Implementation and customization of the CRS reporting XML with corresponding control reports


Your benefits

  • Dealing with IT-professionals with a deep CRS/AIA knowledge and practical CRS/AIA experience
  • Familiar with the contents and the level of development of the new Avaloq CRS-module
  • Efficient implementation of the CRS-module, adapted to your bank-specific circumstances and needs
  • Professional implementation of the CRS/AEOI compliant with the country-specific rules, especially also in terms of client communication, data security/protection and audit trail
  • Individual choice of additional functionalities, fully adapted to the Avaloq CRS-module

Contact:
Pascal Inauen
+41 79 302 63 28
pascal.inauen@confinale.ch

Digitalized Wealth Advisory

Regulatory requirements such as MiFID II and FIDLEG and the trend towards

an increased digitalization of the investment advisory process create big challenges for the banking sector. Compliance with customer protection rules by an appropriate asset and portfolio selection, risk management and unbiased investment advice require specific know-how. Customer profiling (e.g. risk analysis, knowledge and experience, etc.), portfolio construction and ensuring investment suitability are just a few of the main topics in that regard.

Confinale has a wide-ranging and in-depth expertise in these matters in combination with methodological competencies in the fields of project management, business analysis, parameterization, and testing. Thereby Avaloq banks can build on the fully integrated Avaloq Wealth Advisory Framework which enables the automation of the respective processes. As Avaloq Special Services Implementation Partner for Advisory, Confinale is very familiar with this Framework and offers with its implementation the business analysis and parameterization of the following areas:

  • Customer analysis for the investor profiling
  • Portfolio construction
  • Portfolio and risk optimization, if requested with interface to swissQuant server
  • Investment proposition and client protocols
  • Unbundling of investment funds for increased transparency
  • Account monitoring and alerting
  • MiFID or FIDLEG compliant investment suitability and customer protection
  • Embedded tax restrictions and country-specific tax base monitoring


Your benefits

  • Avaloq specialists with wide-ranging and in-depth practical experience in the field of digitized investment advice
  • Professional implementation of the Avaloq Wealth Advisory Module taking into account regulatory requirements and reflecting the individual needs of your bank
  • Comprehensive support for digitization and optimization of your entire investment advisory process, from analysis/profiling, to consulting, subsequent trade execution and monitoring.

Contact:
Andreas Egli
+41 79 759 67 10
andreas.egli@confinale.ch

About us

Confinale is a consultancy and software development company that aims to become the preferred service provider for banks in tax matters. The company was founded in 2012 as a specialised consultancy for financial services providers in relation to the introduction of the final withholding tax.

With the ever-increasing requirements of banks to further digitalise their tax processes, Confinale quickly recognised that the tax consultancy services it offered had to be supplemented by software development and business analysis. Working in small teams of highly qualified and experienced staff, we are able to target our clients’ precise requirements and examine them in detail. As a result, we are also in prime position to react to the future challenges that banks are facing in the areas of taxation and IT.

Our managers are proven experts in their fields, with many years of experience and a broad network of contacts. Highly competent persons of contact in their respective fields of expertise, they constantly exchange information with other specialists and co-operate closely with them.

Küttel

Renzo Küttel
+41 41 720 09 58
President of the Board
renzo.kuettel@confinale.ch

  • Swiss Federal Institute of Technology, Zurich (dipl. Natw. ETH)
  • University of St. Gallen (Lic. oec. HSG)
  • Various additional qualifications in the areas of IT, project management, software engineering, finance
  • COO of a Swiss cantonal bank
  • Head of Tax Processing & Transaction Regulations at a private Swiss bank
  • Senior consultant at IBM
  • Project manager and business engineer at Credit Suisse
Twerenbold

Dr. Thomas Twerenbold
+41 41 720 09 58
Member of the Board
thomas.twerenbold@confinale.ch

  • Master of Law, University of St. Gallen
  • Ph.D in law
  • Lawyer and notary
  • Certified tax expert
  • Tax consultant and lawyer (Senior Associate) at a corporate law firm in Zurich
  • Tax commissioner at the Zug Tax Administration
  • Legal expert at the Swiss Federal Tax Administration, DVS Division
Misteli

Dr. Jonas Misteli
+41 41 720 09 58
Member of the Board
jonas.misteli@confinale.ch

  • Master of Law, University of St. Gallen
  • Ph.D. in Tax
  • Managing Director for structured financing at a Swiss bank
  • Director in the tax department of a reinsurance company
  • Tax Manager, Banks and Capital Markets, at a Big Four firm
  • Tax commissioner at the St. Gallen Tax Administration

Our aim is to be the preferred partner for banks in the fields of consultancy, software development and business analysis in the area of taxation. We see ourselves as an innovative developer and implementer of software solutions in the areas of taxation, legal & compliance, and in order to meet the constantly changing requirements of banks we consistently strive to supplement, expand and improve our services and products. We are determined to ensure that these services and products are reliable, unobtrusive, sophisticated, and effective.

_Avaloq Special Service Partner

Announcement

_Cooperation with PwC for Offshore Tax Reporting

Fully automated off-shore tax reporting for your private clients in Europe

_Innovationpartner of SIX for its Tax Utility

SIX and Confinale agree partnership and launch entirely new tax service

Careers

At Confinale you will work in a dynamic environment that is at the cutting edge of the banking and financial sector, and have excellent opportunities to develop your career. You will be actively involved in the increasingly important interface between taxation and IT. We encourage a working culture that promotes excellent performance, personal responsibility and individual development, and we support our employees through practice-oriented training, targeted educational programmes, and bespoke coaching.

Current vacancies

Contact

Contact us

Confinale AG
Baarerstrasse 10
Postfach 1210
CH-6301 Zug
Tel. +41 41 720 09 58
info@confinale.ch

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