MIDAS is the latest tool GlobeTax has developed to fulfill our longstanding mission: get our clients’ money back to them in the fastest possible time frame – whether through relief at source, quick refund, or long form reclaim.
New York, NY (PRWEB) September 20, 2017
GlobeTax announces the launch of MIDAS™ (Managed Income Distributions At Source), the market’s first and only comprehensive solution for global relief at source processing. The new platform expands upon GlobeTax’s previous EDS Assist® solution, which led the market in processing DTCC-eligible securities like American Depositary Receipts (“ADRs”) for over a decade. As the new global gold standard, MIDAS systematizes the relief at source process for all ordinary share, international equity, and debt products.
Designed for speed, volume and flexibility, MIDAS helps financial institutions manage the complex and ever-changing global withholding tax relief landscape. MIDAS allows any participant in the custody chain to partner with GlobeTax, including: CSDs/ICSDs, Withholding Agents, Global Custodians, Banks, Brokers, and other intermediaries. Moreover, MIDAS can manage claims for both direct and omnibus accounts, seamlessly piercing pass-through entities to meet the unique reporting nuances and tight deadlines inherent to each jurisdiction. To navigate the varied requirements, MIDAS will automatically shift claims from relief at source to quick or standard refund processes, depending on deadlines and market availability.
Martin S. Foont, GlobeTax’s President and CEO, summarized the platform’s impact: “MIDAS is the latest tool GlobeTax has developed to fulfill our longstanding mission: get our clients’ money back to them in the fastest possible time frame – whether through relief at source, quick refund, or long form reclaim. Our team has leveraged hundreds of years of collective experience, and the expertise of processing over 6,500,000 withholding relief applications annually, to create a solution that helps more financial institutions access favorable treaty rates for their clients.”
MIDAS builds upon GlobeTax’s proprietary technology to manage the collection and movement of information through multi-level custody chains. Using a new web-based dashboard, clients can track the real-time progress of each claim, view documentation status, and receive notification of upcoming events and payments. GlobeTax ensures data security using 256 Bit TLS encryption, “at rest” encryption, multi-factor authentication, and ISO 27001 certification for all data.
Want to learn more? Join one of our daily sessions at Sibos 2017 Stand H51, Monday, October 16th – Thursday, October 19th at 11:30 am ET.
GlobeTax is the global leader in tax research, relief, recovery and information reporting services for financial institutions and their cross-border investor clients. GlobeTax researches tax treaties in over 245 jurisdictions to provide tax recovery for clients in over forty countries. Clients include all types of beneficial owners, custodians, prime brokers, depositories, depositaries and withholding agents. Founded in 1992, the firm is based in New York, with offices in London, Hong Kong, Madrid and Sydney.
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