GlobeTax and DTCC Host Joint Interview Discussing Debut of ISO 20022-Driven Relief at Source Processing

NEW YORK, Sept. 25, 2019 /PRNewswire-PRWeb/ -- GlobeTax is pleased to announce publication of a joint interview with The Depository Trust & Clearing Corporation (DTCC), the premier market infrastructure for the global financial services industry, discussing the debut of ISO 20022-driven relief at source elections through DTCC's CA Web platform.

In the recent conversation, GlobeTax's Chief Information Officer and Managing Director of Product and Technology, Brett Lewis, sat with DTCC's Director of Product Management in Asset Services, Patrick Barthel, to overview how the innovation can reduce risk and improve processing efficiency for mutual financial institution clients. As a result of the initiative, investors in non-U.S. securities held through DTCC receive tax entitlements as swiftly as possible.

GlobeTax's Brett Lewis summarized the impact: "Our collaboration improves the U.S. market as a listing and settlement venue for global securities. Investors enjoy enhanced returns, while clients of DTCC and GlobeTax further streamline a costly and risk-prone operational process."

As Barthel and Lewis discussed, integrating ISO 20022 messaging into asset servicing represents a key pillar of DTCC's multi-year 'Transformation Initiative' and a centerpiece of GlobeTax's product suite at Sibos 2019. GlobeTax CEO Martin S. Foont reflected: "We are excited to showcase this addition to our MIDAS service at Sibos in London. Our partnership significantly advances vendor-CSD collaboration. It demonstrates how cooperation can bring benefits more quickly and efficiently than any party can achieve independently."

GlobeTax and DTCC are working to expand the service to other markets offering relief at source and will announce additional coverage as markets are added. Interested parties should reach out to [email protected].

About GlobeTax
GlobeTax is the leader in cross-border tax relief, recovery, and reporting services for the global investment community. By recovering over-withheld tax on behalf of financial institutions and their investor clients, the firm ensures that fiduciary obligations are met and investment returns maximized. In addition, GlobeTax services as the primary tax processing agent for all non-domestic equities on U.S. exchanges, providing an integrated platform that connects investors with tax authorities and market infrastructures. Founded in 1992 and headquartered in NYC, GlobeTax processes over 7 million claims a year for clients in 40+ countries.

SOURCE GlobeTax Services