ADP Wilco has launched a tax processing and reporting service aimed at banks and securities firms based in Switzerland that have retail clients in Germany.
The outsourced service, which is already available in Germany, complies with Swiss regulations that require originating data to remain in the country.
The new service is hosted at ADP Wilco's Swiss data centre and uses the vendor's Fitas platform which creates income statements that comply with German legal requirements and provides a 'fill-in guide' for KAP/AUS, the enclosure for income from capital assets.
Fitas receives account, trade and position data on an anonymous basis directly from the client's back office systems. The platform provides segregated reporting for income and expenditure originating from interest, fees (custody fees, account commission and debit interest) and securities income including coupons, dividends, accrued interest and trading profits.
Donal O'Brien, co-chief technology office, ADP Brokerage Services Group, says: "This service delivers high levels of STP automation for an area that typically relies on manual processes and spreadsheets."
ADP Wilco's German tax experts update the Fitas platform on an ongoing basis to incorporate law changes.