Software solution to reclaim double taxation worldwide

reclaimer® now available on Temenos Exchange

Zurich, Jan 2022

The reclaimer^® software enables banks to reclaim withholding taxes and tax relief on investment income – easy, secure, and compliant to all tax rules. reclaimer^® manages and optimises the entire reclaim process for banks themselves and their customers on an end-to-end basis. Digital machine-to-machine (M2M) claiming procedures to different foreign tax authorities are implemented in the software.

Fast integration in Tenemos banks

Thanks to a prepared interface, reclaimer^® will be integrated easily into the Temenos Core Banking System. Additionally, Confinale is customising the software solution to bank-specific needs and circumstances.

 

The reclaimer^® solution pays off

Using the reclaimer^® software results in increased after-tax return because withholding taxes can reduce the return on investments significantly. Reclaiming withholding tax is a time-consuming, bureaucratic process, which is highly automated and thus sped up with the reclaimer^® software. The reclaim logic and reclaim forms are embedded in the software and permanently monitored and updated to meet the latest laws and tax regulations of different markets resp. countries. Currently 17 markets and over 100 customer domiciles are covered with the software. Electronic filing is also supported by the reclaimer^® software. Banks using Temenos can benefit from this easy way to increase investment return of portfolios of up to 60 bpts per annum and thus increase the customer income and satisfaction at the same time.

 

Inevitable for the M2M processes

The electronic submission of applications is supported by the reclaimer^® software. More and more countries digitize the reclaiming of withholding tax with machine-to-machine (M2M) processes. Numerous M2M-reclaims have already been processed successfully with our software and customers got money back from the tax authorities. The success of reclaimer^® is based on the fact that the software is developed in close cooperation with our clients. We are keen to listen to new ideas and specific requirements of our reclaimer^® community. Additionally, we run automated tests with tax authorities, to be sure the processes work properly. With our team of experienced developers and tax experts, we make sure our software remains the leader in this field,” says Michael Voser, Lead Developer reclaimer^® of Confinale.

How Tenemos banks can save withholding taxes

"Confinale’s participation in Temenos Exchange further extends our commitment to the banking community and enables Temenos customers to easily reap the benefits of reclaimer^®. We look forward to leveraging the power of the Temenos platform and to help us achieve our business goals. The reclaimer^® software is quickly integrated at customers' sites and we provide intensive support for the first cases. Thanks to the reclaimer community events, you can regularly exchange information with employees from other banks' tax departments and we use the community input for software improvements", explains Andreas Urban, Senior Sales and Business Developer at Confinale. He adds: "Receiving tax refunds from double taxation is such a nice feeling, even if you do it on behalf of the client."

Want to learn more about reclaimer^®? Watch the 2-minute reclaimer^® video. For a live demo, please contact Andreas Urban directly.