SunTec, the leader in revenue management and customer experience orchestration, has been working with Commercial Bank International (CBI) to ensure all transactions since January 1, 2018, comply with VAT regulations without any disruption to the Bank’s business.
CBI has been benefiting from SunTec’s Xelerate for VAT product, which has been specifically developed for Gulf nations to cater for the complexity of taxes, such as the introduction of VAT on January 1, 2018.
Nanda Kumar, Founder and CEO of SunTec, said, “We are proud to be the partner of choice for Commercial Bank International on VAT compliance.
“VAT is an important step that the GCC countries have taken in implementing tax regimes. All industries are affected by this, including banking and financial services, which SunTec primarily caters to.
“Companies with presence in multiple GCC countries will likely see 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.”
James Greenwood, COO at CBI, added: “Focusing on improving our customers’ experience and relationship with CBI through the delivery of new technology and solutions is key to our strategy. Xelerate as a product has delivered us real benefits in consolidation, compliance, and reporting across VAT, while Suntec have ensured a smooth and timely implementation, allowing us to be one of the first banks in the market 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 CBI. 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.
To find out more about Xelerate for VAT, visit http://www.suntecgroup.com/industry/financial-services/vat-gcc-financial-services/.
About Commercial Bank International (CBI)
CBI is a UAE based corporate and retail bank, with a growing Islamic banking business. The Bank was incorporated in 1991 in the Emirate of Ras Al Khaimah and is headquartered in Dubai.
CBI shares are listed on the Abu Dhabi Securities exchange (ADX) and the Bank has a long-term issuer default rating of BBB+ and a short-term issuer default rating of F1 from Fitch Ratings. CBI is regulated by the Central Bank of the UAE and the Securities and Commodities Authority of the UAE (SCA).
CBI is majority owned by UAE shareholders, including the Ras Al Khaimah Government and Board members are majority UAE nationals, led by our Chairman, Mohammad Sultan Al Qadi.
CBI offers a comprehensive portfolio of banking products, as well as tailor-made financial solutions in corporate, Islamic and retail banking; ranging from lending, trade services, cash management and treasury solutions to personal account services and credit cards. CBI’s distribution network includes 17 branches and 108 ATM’s.
For Media inquiries
Will Anderson, Partner, Brunswick Gulf Ltd, +971 2 245 1417, Email: cbi@brunswickgroup.com
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. With a legacy of deployment in over 44 countries, SunTec is a trusted partner to some of the world’s leading banks and digital and communication service providers. Headquartered in India, we have our offices in the USA, UK, Germany, UAE and Singapore.
With a team of highly skilled individuals and our innovative product development models, we help our clients remain at the forefront of cutting edge technology. A stable, mature and flexible product suite, Xelerate continues to develop with the market. With insights from our industry experts, a robust future-ready roadmap and seamless integration with any ecosystem, it is one of the most effective products to leverage. For more information, please visit us at www.suntecgroup.com
For Media inquiries
Mita Srinivasan, Market Buzz, +971 55 8811756, Email mita@themarketbuzz.net
