Clear2Pay, a technology provider of payment solutions for financial institutions, has launched its Tax Data Service (TDS) product. TDS automates and streamlines the formatting and routing of tax payments, replacing a traditionally manual and resource intensive process.
The TDS addresses the complex issue of processing tax payments in the US: tens of thousands of different tax type codes to hundreds of tax authorities need to be made with the correctly formatted addenda record in the cash concentration/disbursement plus (CCD+) payment and the matching payment routing instructions for the respective tax authority and type. The maintenance of this data has to date been a manual and laborious process for banks and their customers, prone to human error and requiring code-based updates to installed applications. Aimed at solving these problems, the TDS is a hosted and web-service enabled solution that empowers customers to retain ownership of their automated clearing house (ACH) origination channels while using an industry utility for the time consuming and manual process of maintaining tax format and routing data.
Andrew Schmidt, research director, global payments at TowerGroup, said: “Banks and payment processors realise now more than ever that they need to offer their corporate customers true value-added services that reduce costs, increase efficiency, and provide greater payments visibility. Services that greatly reduce the effort and cost of routine, obligatory compliance activities – like paying taxes – allow banks and payments processors to quickly add value to their corporate customers and free these customers to create greater value themselves.”
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