Financial Tradeware and tax reclamation specialist GlobeTax have formed a partnership to provide GlobeTax’s StatRate, an automatic data feed which provides financial institutions with market by market statutory withholding tax rate data (Reference Data Review, September 2006), via Swiftnet FileAct.
GlobeTax created its StatRate service based on Swiftnet FileAct to deliver daily file based tax information to subscribers of the service. Leveraging Financial Tradeware’s Swift network access model it was able to make the information available via the network. Pairing with Financial Tradeware meant GlobeTax did not have to take a full membership of Swift, or build its own technology infrastructure.
Graham Bright, managing director of Financial Tradeware, says of the partnership: “We believe all areas of business may benefit from the outsourcing of the established tax reclamation service, with the funds area specifically taking advantage of this new Swiftnet-based StatRate data being distributed through our member concentrator environment.”
The partnership was formed to sup-port both companies’ strategies to build communities of users. Using FileAct enables the provision of real-time intra-day information and instant updates in the event of rates changing, while ensuring the information is protected by Swift’s security mechanisms.
“It also provides a very cost effective means of communication, working through a light interface infrastructure, resulting in less reliance on staff, to enable the fast and secure movement of this information,” adds Bright.
The agreement between Financial Tradeware and GlobeTax was originally signed at Sibos in Sydney last year. Following this, GlobeTax required sponsorship from eight Swift member institutions, one of which is Financial Tradeware’s sister company Européenne de Gestion Privée, a potential user of the service, according to Bright.
Financial Tradeware is currently in the process of evaluating internal projects to see how the data may be integrated with its services, which will make the company both a user of the data, and the provider of the hosting service. Financial Tradeware provides portfolio and fund management solutions for investment managers and hedge funds.