Broadridge Financial Solutions (BR), a leading provider of investor communications and technology-driven solutions for financial firms and corporate issuers globally, today announced a contractual arrangement with BMO Financial Group (TSX, NYSE:BMO) to help them more efficiently manage their tax reporting requirements while automating data collection, composition, printing and delivery through Broadridge's Tax Forms Plus system (TFP).
The TFP system allows companies to reduce risk and institutionalize tax operations while streamlining the composition, print and mail processes. It also enables firms to provide real-time reporting to account holders when amendments, for example, distribution amounts, are made to financial information on tax forms. Companies can also keep their book of records with Broadridge, enabling this platform to be particularly effective by allowing for quick and easy data transfer while eliminating the need for additional steps. Broadridge's end-to-end solution significantly reduces firms' risks and costs.
The system will also significantly reduce risks associated with manual processes while helping to enhance client experience. "Our goal is to continually innovate and improve our business processes," said Steven Hunt , Director, PCG PO, at BMO Financial Group. "Through our arrangement with Broadridge we can leverage advanced technologies and the desired service levels that enable us to meet those objectives."
Michael Dignam , President, Broadridge Financial Solutions ( Canada ), Inc. , said: "Broadridge's tax management and distribution capabilities combine innovative technology with more than 50 years of experience, up-to-date knowledge of tax reporting operations and requirements, as well as a proprietary transition methodology to reliably and cost-effectively manage a firm's and its clients' tax needs."