BNY Mellon has signed a multi-year licensing agreement with Xceptor to adopt the company’s tax platform.

The move is the latest in the bank’s ongoing digital transformation which aims to streamline key areas of custody tax operation.

The new platform will include digital process automation for tax documentation management and pre-population, identification of tax relief opportunities, and enhanced submission and tracking of withholding tax reclaims.

The investment bank said that the end-to-end tax platform will help to reduce tax risk by providing “transparency and efficiency”.

“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.”

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