BNY Mellon adopts Xceptor’s tax solution

By Edlyn Cardoza

BNY Mellon has entered into a multi-year licensing agreement to adopt the Xceptor tax platform. BNY Mellon is transforming the delivery of its extensive tax service offering by adopting Xceptor’s 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.

“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.”

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.

“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.”

Recently, IBS Intelligence reported that CAIS and BNY Mellon’s Pershing announced a series of updates to their platform to enhance alternative investment product access and order processes as broker-dealers and financial advisors allocate to new asset classes on behalf of their clients.