NEW YORK, August 2, 2022 — BNY Mellon has entered into a multi-year licensing agreement to adopt the Xceptor tax platform. With $43TN in assets under custody as of June 30, 2022, BNY Mellon is transforming the delivery of its extensive tax service offering by adopting best-in-class technology. The phased implementation of Xceptor's end-to-end tax platform will help to reduce tax risk by providing transparency and efficiency in an ever-evolving tax regulatory landscape.
The solution will provide digital process automation for tax documentation management and pre-population, identification of tax relief opportunities, and enhanced submission and tracking of withholding tax reclaims.
“BNY Mellon’s adoption of the Xceptor Tax Solution will help us transform how we perform custody tax services for our clients,” said Liam Stanbridge, Head of Tax Product at BNY Mellon. “This aligns with our digital strategy to offer scalability and agile functionality, strengthening both our tax service proposition and our client experience. We look forward to working with Xceptor on implementing this program together and advancing digital integration across market participants to help make withholding tax relief more efficient for institutional investors.”
“As the move towards digital versatility and capability intensifies, fueled by increasing regulatory oversight, there’s a need for financial institutions to implement more efficient and effective processes,” said Andrew Kouloumbrides, CEO at Xceptor. “The Xceptor Tax Solution embodies our deep industry knowledge of optimizing and automating tax processes, which has been derived from transforming tax operations for the world’s leading financial institutions.”
The announcement is the latest milestone in BNY Mellon’s ongoing digital transformation to streamline key areas of custody tax operation.
About BNY Mellon
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment and wealth management and investment services in 35 countries. As of June 30, 2022, BNY Mellon had $43.0 trillion in assets under custody and/or administration, and $1.9 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.
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