It has been a busy month for Markit’s documentation management platform. Following the signing of partnership agreement with Avox earlier in April, the vendor has now partnered with tax compliance software and consulting company, Compliance Technologies International (CTI). Under the agreement, the vendors are working together to integrate CTI’s electronic W-8 application for the US Internal Revenue Service (IRS) with Markit Document Exchange’ s counterparty document solution.
The IRS form is required for completion by non-US investors to establish their non US status, thus exempting them from being subject to US withholding taxes and reporting.
Penny Davenport, managing director and head of Markit Document Exchange, explains that the integration will allow financial institutions to store, review and exchange W-8 tax forms from a single platform. “By partnering with CTI, we are helping our clients cut the workload associated with exchanging and reviewing W-8 tax forms. This fits neatly with Markit Document Exchange’s goal to make collecting counterparty documentation more efficient,” she says.
Dan Burt, executive director and co-founder of CTI, adds: “Given the number of mutual clients we have and the complementary nature of our product offerings, the synergies created by our relationship will be very beneficial for the financial services industry.”