SunTec, which enables global financial services organisations to increase the lifetime value of their customer relationships through effective revenue management and customer experience orchestration, today, announced its partnership with Al Hilal Bank, one of the most progressive Islamic banks headquartered in Abu Dhabi. Through this partnership, SunTec will facilitate in analysing transactions flowing through the bank’s systems, computing taxes under the new mandate and invoicing of the newly introduced Value Added Tax for the bank.
Commenting on the benefits of this vital collaboration; Alex Coelho, CEO of Al Hilal Bank, stated: “Collaborating with SunTec will lay down the foundation for a new age of VAT compliance in GCC countries. We are pleased to be the first bank in the UAE to apply SunTec’s Xelerate, which is expected to have a tangible positive impact on streamlining operations and establishing a convenient tax regime.” He added: “SunTec is a valuable partner with the expertise, innovation and services, fundamental to the industry’s growth in the field of Islamic Finance.”
SunTec’s Xelerate for VAT, in its current form, has been specifically developed for the Gulf co-operation countries (GCC) to cater to their newly added complexity of taxes. It is uniquely designed to be an over-the-top (OTT) solution which can easily integrate with the core systems of Al Hilal Banks existing IT landscape. This ‘out-of-the-box’ solution can be configured and will enable banks and financial institutions become VAT ready in a matter of weeks.