Reference data provider Exchange Data International has entered into a strategic alliance with Goal Group, which develops systems handling the taxation elements of the securities processing cycle.
Goal’s offering, GTRS, automates the process of reclaiming cross-border withholding tax on securities investment income, such as dividends, supported by EDI’s international securities administration data. Custodian banks reclaim tax on income from cross-border securities that has been withheld by foreign governments based on international Double Taxation treaties. The company’s client base includes five of the top 10 global custodian banks.
Jonathan Bloch, EDI managing director, says “Top quality data at every point in the securities processing cycle is essential for institutions to maintain and improve their standards of customer service”.