United National Bank partners with SunTec to meet VAT compliance
Source: Market Buzz for SunTec , Author: Posted by BI-ME staff
Posted: Tue February 13, 2018 11:18 am

UAE. SunTec, the leader in revenue management and customer experience orchestration, today announced its partnership with Union National Bank (UNB), one of the leading domestic banks in the United Arab Emirates.

Through this win, SunTec will enable seamless computing and invoicing of Value Added Tax, without causing disruptions to UNB’s existing systems.

Commenting on the corporation, Nanda Kumar - Founder and CEO of SunTec, said, “We are proud to be the partner of choice for United National Bank in their 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.”

SunTec’s Xelerate for VAT has been specifically developed for the Gulf nations to cater to the newly added complexity of taxes. It is uniquely designed to be an over-the-top (OTT) solution and can easily integrate with the existing technology landscape of UNB. This ‘out-of-the-box’ solution integrates multiple back-end systems and ensures banks’ and financial institutions’ smooth journey towards VAT compliance.

VAT is the first step that the GCC countries have taken towards a tax regime. All industries are affected by this, including banking and financial services which is one of the major industries SunTec caters to. Companies with presence in multiple GCC countries will likely see manifold increase in complexities over time. It is imperative to streamline operations so that service offerings are not compromised and the financial institutions maintain the competitive edge.

Photo Captions:
1. (above)  Businessman pressing a VAT concept button
2. (inset)    For illustrative purposes only (File photo)

About UNB
Established as a Public Joint Stock Company in 1982, UNB is one of the leading domestic banks in the United Arab Emirates, headquartered in Abu Dhabi. UNB offers a variety of products and services, addressing needs ranging from basic requirements of individuals to the more complex requirements of corporate entities.

About SunTec
At SunTec Business Solutions, we help our clients increase the lifetime value of their customer relationships through effective revenue management and real-time customer experience orchestration. We are the leading provider of experience orchestration solutions not only to financial services but also digital and communications services industries. With a legacy of deployments in over 44 countries, SunTec is a trusted partner of the world’s leading banks and digital and communication service providers.

Headquartered in India, we have our offices in USA, UK, Germany, UAE and Singapore.

With a team of highly skilled folks and our highly innovative product development models, we help our clients to always remain at the cutting edge of technology. A stable, mature and flexible product suite, Xelerate is benchmarked regularly for optimum performance.

Coupled with insights from our industry experts and a robust future-ready roadmap, Xelerate continues to develop along with the market. Able to seamlessly integrate with any ecosystem, it is one of the fastest products to implement.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: May 21, 2018
UAE. A new defence is being developed that will allow companies to tackle the latest threats as soon as they appear on the network; Machine learning enables AI to detect patterns in all sorts of data sources and create behaviours based on recognized patterns.
date:Posted: May 17, 2018
UAE. The report states that 50% of SME funding applications are rejected by banks and that alternative trade finance, powered by FinTech and Blockchain, is on the rise.
date:Posted: May 17, 2018
INTERNATIONAL. New research shows trust in organizations is diminished as consumers believe businesses don't know how to protect their data.
dhgate