GEC NEWS WIRESunTec has partnered with BBK Bahrain (formerly known as Bank of Bahrain and Kuwait), to ensure all transactions from 2019, comply with VAT regulations in Bahrain without any disruption to the bank’s business. SunTec, with its product, Xelerate, enables financial services organizations to smoothly comply with VAT regulations. SunTec ensures greater efficiency and transparency in tax compliance. Pre-packaged with 200+ features, the out-of-the box VAT solution has been designed to react seamlessly to changes in VAT law, policies and practices.
Banks and financial houses in UAE and Saudi Arabia had a mandate to comply with GCC VAT as of 1st January 2018. Bahrain is following suit and has instructed all its financial institutions to become VAT compliant by the first quarter of 2019. BBK will begin their VAT compliance journey with SunTec’s Xelerate for VAT product, a comprehensive solution to meet VAT requirements.
Nanda Kumar, Founder and CEO of SunTec, said, “We are proud to be the partner of choice for Bank of Bahrain and Kuwait on VAT compliance. VAT is an important initiative that governments in the GCC region have undertaken and we are glad to bring a productised solution for VAT compliance that addresses the compliance requirements at a country and GCC level framework. All industries are affected by this, including banking and financial services, which SunTec primarily caters to.
“Companies with presence in multiple GCC countries are seeing a significant increase in complexity over time. It is imperative to have a solution that is scalable and can accommodate these complexities so service offerings are not compromised and the financial institutions maintain a competitive edge. I’m proud to say that in the last few months, SunTec has already partnered with 14 banks in UAE and Saudi Arabia to help them manage the complexities associated with the VAT mandate and go compliant as well.”
BBK CE, Reyadh Sater, added: “Focusing on improving our customers’ experience and their relationship with BBK through the delivery of new technology and solutions is key to our strategy. We are confident that Xelerate as a product will deliver us real benefits in consolidation, compliance, and reporting across VAT, while ensuring a smooth and timely implementation, allowing us to be one of the first banks in Bahrain to declare a compliant VAT solution.”
Xelerate for VAT is uniquely designed to be an over-the-top (OTT) solution and can easily integrate with the existing technology landscape of BBK. It can integrate multiple back-end systems and ensure banks’ and financial institutions’ smooth journey towards VAT compliance.
Xelerate for VAT has been designed to ensure that all taxable transactions across different applications are accurately computed for smooth business operation. This is achieved by integrating all key systems with a single over-the-top (OTT) VAT solution that can become a real-time basis for tax computation.
