J.P. Morgan and AccessFintech expand custody data set to include payment tax reclaim statuses
Announcement follows trade, cash and income life cycle launches for Custody clients
London, New York and Tel Aviv, 14 September 2023 – AccessFintech, the data network driving capital optimisation and greater operational capacity, has teamed up with J.P. Morgan’s Securities Services to enable tax reclaims data set on Synergy ©, the AccessFintech multi bank network. J.P. Morgan’s Securities Services becomes the first custodian to provide this solution to the market, increasing the efficiency of tracking tax reclaim processing and reducing manual touchpoints.
J.P. Morgan’s Securities Services clients will now have access to an expanded data set of tax reclaims with near real-time updates flowing through AccessFintech’s Synergy network, enabling clients to act around intra-country tax treatments, eliminating the need for unnecessary emails, phone calls, offline communication and manual reports. This solution provides a real-time alternative to clients for accessing their relevant tax information and complements existing reporting capabilities including J.P. Morgan’s Client Tax Dashboard.
“Clients can now access J.P. Morgan’s Tax Reclaims data set via AccessFintech UI or APIs, providing them an end-to-end view of their Custody portfolio via one centralized platform.” said Naveen TV, Global Head of Data Strategy & Integrations for Securities Services at J.P. Morgan.
The new tax reclaim data set now extends the current custody information transparency, which includes trade / asset movement, cash and income life cycle.
Roy Saadon, CEO of AccessFintech, emphasized the transformative nature of this collaboration, stating, “This new tax reclaims service extends AccessFintech’s collaboration with the market, extending the scope of the data network. J.P. Morgan’s Securities Services has been a leader in utilizing the distribution of digital workflow and has been able to show client servicing efficiency driven by data accessibility. It is a great endorsement of the secure data collaboration concepts, when market participants continually push forward and expand the usage as key for scale and efficiency”.