We are excited to provide thousands of ESP users with this new functionality. The Bulk Upload technology demonstrates GlobeTax’s continued commitment to innovation, as it significantly speeds up and simplifies the data submission process for DTC Participants.
NEW YORK (PRWEB) March 26, 2018
GlobeTax announces the launch of ESP Bulk Upload for claims for Japanese ADRs, allowing users to submit claims for multiple securities and beneficial owners with a single file. This pioneering feature enhances GlobeTax’s ESP platform, the world’s most popular submission portal for beneficial owner disclosure and withholding tax relief application.
Submission for Japanese ADRs is notoriously tedious, as the record date for over 200 securities falls on a single day. At present, the market standard requires users to submit claims for one security at a time – a laborious, and time-consuming task. GlobeTax’s Bulk Upload streamlines this process significantly, and includes features that:
- enable users to submit claims across multiple securities for up to 30,000 beneficial owners in one file.
- verify accuracy by identifying valid and invalid claims and allow users to easily edit and resubmit files marked invalid.
This new functionality ensures that clients and their customers will receive their maximum entitlements in the fastest, yet most risk-managed, manner possible.
Brett Lewis, Managing Director of Product Development and CIO at GlobeTax, summarized the impact: “We are excited to provide thousands of ESP users with this new functionality. The Bulk Upload technology demonstrates GlobeTax’s continued commitment to innovation, as it significantly speeds up and simplifies the data submission process for DTC Participants. A process that previously took days will now take minutes, a boon for those servicing clients in popular, yet complicated, markets like Japan.”
At launch, Bulk Upload will cover all Japanese securities’ relief at source record dates from March 29, 2018 onward; additional markets will be announced at a later date. Lewis continues, “To prepare the marketplace for the new functionality, we will be hosting a series of webinars to demonstrate the process.” Interested parties should reach out to JapanESP(at)GlobeTax(dot)com for webinar registration information.
GlobeTax is the global leader in cross-border tax relief, recovery, and reporting services for the investment community. GlobeTax's ESP system has become the standard platform for beneficial owner disclosure and applications for withholding tax relief, handling over seven million submissions in 2017. The ESP platform supports GlobeTax's position as the market infrastructure for ADR claims. GlobeTax researches tax treaties in over 245 jurisdictions to provide tax recovery for clients resident in over 40 countries. Clients include all types of beneficial owners, custodians, prime brokers, depositories, depositaries, and withholding agents.
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