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

Services

RegLab

Steuerberatung Confinale’s RegLab keeps track of the latest regulatory developments in the banking sector and drives forward new ideas and solutions to deal with these
challenges. As a creative think-tank with in-depth business, practical and market knowhow and in close cooperation with its customers, RegLab develops new ways of turning these challenges in banking into opportunities.

Contact:
Dr. Jonas Misteli
+41 79 565 03 87
jonas.misteli@confinale.ch

Software Development

Software Entwicklung Our Software Development unit consists of a team of more than 10 highly qualified and experienced developers and creates innovative
solutions using the latest tools and processes. We always apply automated testing to our codes and cooperate closely with Confinale’s RegLab.

Contact:
Florian Schrag
+41 79 355 31 29
florian.schrag@confinale.ch

IT Consulting

Business Analyse Our IT Consulting represents a combination of sound specialist knowledge and broad IT-expertise. We support our clients from strategic
planning to the successful completion of a project with our renowned specialists with a wide range of profiles (project managers, business analysists, developers and coders, test supporters and instructors).

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

Solutions

CTR Confinale Tax Reclaim®

CTR is one of the leading solutions to reclaim Swiss and foreign withholding
taxes on investment income (dividends, interest etc.). The web application, which is installed on the in-house server of the respective bank, automates the administrative and country-specific reclaim process in a transparent and user-friendly way. The entire reclaim/refund process is taken care of from the calculation of the reclaimable amount and the production of the applicable reclaim forms (incl. covering letters and supporting documents) to controlling the incoming refunds and the debiting of client fees. Many banks in Switzerland and abroad are already successfully using the CTR application, including SIX SIS for its Advanced Tax Reclaim Service.

Contact:
Dr. Jonas Misteli
+41 79 565 03 87
jonas.misteli@confinale.ch

1042-S QI Reporting

In the context of 1042-S QI reporting, all banks acting as a QI have to report
the US-sourced income of non-US persons to the US Internal Revenue Service (IRS) on an annual basis. Since the 2014 tax year, all reporting banks are obliged to submit the 1042-S report as an electronic file. The deadline for the reporting of the 1042-S file is March 15 of the year, following the respective tax year.

Confinale has developed a file-report solution in the Avaloq banking system that generates the correctly formatted 1042-S electronic file. The Confinale file-report uses the relevant QI codes (recipient code, exemption code, and income code) for the relevant tax year. Confinale supports banks in implementing the new QI data model and makes all necessary changes in Avaloq.

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

County-specific tax reporting

Country-specific tax reporting for bank customers plays an increasingly
important role in a bank’s range of services. Tax reports are therefore produced for the banks' customers, which determine and present their income, capital gains and assets, in accordance with the tax regulations of the customer’s respective country of residence. Our country-specific tax reporting solution, fully integrated in the Avaloq Banking Suite, is unique in terms of quality and functionalities and is already in use at several banks. With our solution, country-specific rule-based reports are produced whereby the rules have been specified and tested by PwC (PwC-stamp upon request). The reports can be produced at any time (i.e. interim reports are also possible), and the calculation of realised/unrealised capital gains is also supported. Of course, the reports can be adjusted to the corporate design of the respective bank and linked to an existing output management system. Confinale acts as a one-stop shop vis-à-vis its clients (incl. managing the ongoing PwC monitoring/input and providing the required Avaloq modules and engines) and offers 2nd-level support for technical and business questions.

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

CRS/AEOI

The introduction of the Automatic Exchange of Information (AEOI)
between the tax authorities based on the OECD’s Common Reporting Standard (CRS) presents banks with several major challenges. Confinale has established a specific team of CRS experts to support banks efficiently, which focuses on the IT implementation of the CRS and the country-specific AEOI regulations. Confinale’s CRS expert team not only advises on IT aspects but is also familiar with the relevant regulations and market practice and is therefore in a position to provide possible solutions which should meet the legal requirements.

As a Special Service Partner of Avaloq for the implementation of their CRS-module, Confinale works closely together with the development department of Avaloq and is very familiar with the structure and the functionalities of Avaloq’s module.

Complementary to Avaloq’s CRS-module, Confinale has developed a fully integrated add-on solution to manage the processes triggered by CRS, which is already used by many of our clients. The processes covered by our add-on solution include:

  • New client opening
  • Pre-existing customer check
  • Indicia / Change in circumstances
  • Annual client survey for high-value clients (yearly KYC)
  • Missing TIN procedures

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

Digitalized Wealth Advisory

Regulatory requirements like MiFID II and FIDLEG together with the
continuing digitalization and automation of the wealth advisory function represent ever increasing challenges for banks. As an Avaloq Special Implementation Partner for “Wealth Advisory” and based on various projects in the area of MiFID II, Confinale has extensive expertise on the subject of wealth advice and investment suitability. Our long-standing specialists with their excellent business and technical know-how will support you throughout the complete product lifecycle. From the strategic impact analysis to the system and process implementation, our specialists’ team covers all topics:

  • Comprehensive client analysis as part of client profiling
  • Portfolio and risk optimization based on the client risk profile, the clients’ personal and financial circumstances and corresponding product and investment expertise.
  • Periodic portfolio monitoring and alerting to manage client portfolios
  • MiFID II resp. FIDLEG compliant investment suitability procedures based on the target market concept
  • Taking account of tax-related restrictions and country-specific monitoring of the relevant tax attributes

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

Section 871(m) Withholding and Reporting

US Section 871(m) regulations extend the scope of US withholding tax to
specific income from derivative financial instruments with a high correlation to US equities. This extension of scope occurs regardless of whether the issuer of the derivate instrument is a US-or non-US entity. According to their QI-Agreement, banks are required to levy US withholding tax on US source income of their clients and report it to the IRS. In principle, this also includes income from derivatives falling under the Section 871(m) regulations. As a result, such income needs to be identified, taxed and reported. Confinale supports Avaloq banks in their implementation of US Section 871(m) regulations with a three-part solution package. This includes the following functionalities in particular:

  • Taking account of SIX VDF 871(m) data feeds and setting up the required master data
  • Automated mechanism to deduct the withholding tax on “dividend equivalents” (retrospectively from 1.1.2017)
  • Blocking of ‘in scope’ products
  • Amend client notifications
  • Including Section 871(m) transactions in the 1042-S QI-Reporting

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

About us

Confinale is a consultancy and software development company that supports banks in regulatory and digital banking 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. Since then the number of full-time employees has grown to over 40 (business analysts, developers, lawyers, regulatory specialists) and we can already count over 30 banks in Switzerland and abroad as our valued clients.
Tax-related solutions still represent a core part of our services. Besides tax-related solutions, Confinale focuses on other regulatory-driven solutions and on digital banking which are often closely connected with each other. Also going forward, these topics represent significant challenges for banks but also offer great opportunities. Confinale enables banks to seize these opportunities.

Roland Staub

Roland Staub
+41 76 364 82 78
Partner
CEO
roland.staub@confinale.ch

Dr. Jonas Misteli

Dr. Jonas Misteli
+41 79 565 03 87
Partner
CFO & RegLab
jonas.misteli@confinale.ch

Andreas Egli

Andreas Egli
+41 79 759 67 10
Member of the Management Board
IT Consulting
andreas.egli@confinale.ch

Florian Schrag

Florian Schrag
+41 79 355 31 29
Member of the Management Board
Software Development
florian.schrag@confinale.ch

_Avaloq Special Service Partner

Announcement

_Cooperation with PwC for Offshore Tax Reporting

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

_Innovation partner of SIX SIS for its Advanced Tax Services

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, compliance, wealth management and digital banking. 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.

Contact

Contact us

Confinale AG
Baarerstrasse 10
P.O. Box 1210
6301 Zug
Phone +41 41 720 09 58
info@confinale.ch

Confinale AG
Limmatstrasse 107
8005 Zurich
Phone +41 41 720 09 58
info@confinale.ch