There’s exceptional news for Xceptor as US bank BNY Mellon has entered into a multi-year licensing agreement to adopt its tax platform.
With $43 trillion (£35 trillion) in assets under custody as of 30 June 2022, BNY Mellon is kind of a big deal. The adoption involves a phased implementation of Xceptor’s tax platform.
The solution will provide digital process automation for tax documentation management and pre-population, identification of tax relief opportunities, and submission and tracking of withholding tax reclaims.
Liam Stanbridge, Head of Tax Product at BNY Mellon, states: “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.”
The announcement is the “latest milestone” in BNY Mellon’s ongoing digital transformation to streamline key areas of its custody tax operation.
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There weren’t a lot of tech details about the deal, but London-based Xceptor works with plenty of famous clients.
These include BNP Paribas, HSBC, Metro Bank, Citi, Lloyds, Standard Chartered, Deutsche Bank, OCBC Bank, ANZ, Scotiabank, State Street, Capita, US Bank, Zurich Insurance and BP.
Xceptor was founded in 2003 and has offices in New York, Cape Town and Singapore.
The fintech firm has various utility, consultancy and technology partnerships with the likes of EY, DTCC, Cognizant and Finastra.
In other news, BNY Mellon was one of the names recently backing Genesis, a low-code application development platform for financial markets organisations. Genesis announced $20 million (£16 million) in new investments.
