Today’s information reporting requirements for banks and brokerages are complex and resource-consuming. The piecemeal vendor solution that arose from years of new and changing regulations has left financial institutions with an array of systems and processes that have become unwieldy to manage
JERSEY CITY, N.J. (PRWEB) October 25, 2018
Scivantage®, a leading SaaS provider of Cost Basis, Information Reporting and Digital Wealth Management solutions, announced it is expanding its offerings beyond cost basis compliance to provide financial services firms a “one-stop shop” for tax information reporting for securities investments, Maxit E2E.
The vendor released details about Maxit E2E at its Tax & Analytics Conference in New Orleans this week.
Over the last 10 years several challenges around tax regulations– including the introduction of Cost Basis Reporting, FACTA, IRS Section 871(m), Withholding, and frequent changes to IRA 1099 forms– have had a multiplier effect on the IT solutions needed to manage the growing volume of data and reporting. This has left many financial firms with a fragmented vendor solution creating unnecessary risk and significant expense associated with compliance, vendor management, data integration, data accuracy and overall cost inefficiencies.
To address these challenges, Maxit E2E expands on the industry-leading Maxit cost basis platform to deliver a tightly integrated set of functions and processes needed to comply with reporting requirements under one umbrella. Designed around a specifically-architected tax warehouse, Maxit E2E delivers an end-to-end tax reporting solution allowing firms to focus on their core business without the cost and distraction of managing multiple vendors and large operations teams.
“Today’s information reporting requirements for banks and brokerages are complex and resource-consuming. The piecemeal vendor solution that arose from years of new and changing regulations has left financial institutions with an array of systems and processes that have become unwieldy to manage,” said Cameron Routh, Chief Commercial Officer, Tax & Analytics at Scivantage. “Our goal with Maxit E2E is to provide clients with a single trusted relationship that leverages powerful technology, proven processes and decades of tax experience to ease the burden of tax reporting for our clients,” added Routh.
The comprehensive information reporting platform includes cost basis reporting, debt processing, document due diligence, withholding, income reallocation, tax reclaim and information reporting services to provide all the tax information essential to meet the reporting requirements to produce IRS 1099 and 1042S forms.
Maxit E2E also delivers a comprehensive set of pre-trade tax optimization and analysis tools to help investors and advisors maximize after-tax performance and institutions minimize tax leakage caused by investor tax outflows.
Wrapped around the Maxit E2E SaaS solution are managed services to reduce the burden of tax processing on the back-office and operations team. Clients can outsource tasks such as reconciliation and tax operations to Scivantage’s proven team of seasoned professionals.
“Clients have always been an inspiration for our product development,” according to Routh. “Many of our cost basis reporting innovations were the direct result of client pain points. The desire for an integrated information reporting solution has consistently been cited as one of the biggest operations challenges facing financial services firms. We are happy to be the first to offer a solution to the costly and risk-filled problem of fragmented operations cobbled together with multiple vendor relationships.”
To learn more about Maxit E2E contact us at info(at)scivantage.com.
Scivantage® is a SaaS provider of Cost Basis, Information Reporting and Digital Wealth Management solutions. With proven expertise in online brokerage, tax and portfolio reporting, and wealth management applications, Scivantage delivers intelligent and actionable information that goes beyond the boundaries of traditional financial software, helping improve investment decisions. Leading financial institutions, including broker-dealers, mutual fund companies, bank custodians, trust and prime brokers, depend on Scivantage’s cloud-based technology to achieve critical business insights, generate new revenue and build stronger customer relationships.
For more information, please visit http://www.scivantage.com or contact us at +1.646.452.0050.