Broadridge and Interactive Data team on tax reporting service
03 December 2007 | 944 views | 0
Source: Broadridge Financial Solutions
Broadridge Financial Solutions (NYSE: BR) and Interactive Data Corporation (NYSE: IDC) have announced today the introduction of enhanced services that are designed to help clients more efficiently manage their year-end tax information reporting obligations.
Broadridge has signed an agreement to integrate Interactive Data Pricing and Reference Data's high quality reference data for corporate bonds and municipal bonds in Broadridge's Tax Information Reporting Service (TIRS). Broadridge will utilize this information as the basis for calculations of Original Issue Discount (OID) amounts and deliver this information directly to its clients.
In a separate agreement, Interactive Data Pricing and Reference Data has licensed OID information from Broadridge for distribution via its Original Issue Discount Service. Firms utilizing this service will also have direct access to Broadridge's enhanced TIRS content. With this service, Interactive Data's clients can obtain a broader set of OID data, and have increased visibility into the factors that comprise OID calculations, all in one integrated offering. In addition to providing OID, daily ratable factors, and related data modeled by Broadridge, Interactive Data's Original Issue Discount Service will also offer discrete fields containing IRS Publication 1212 OID and ratables as reported by the Internal Revenue Service.
"We are excited about the value that Interactive Data's information brings to our product to help us provide the highest level of service to our bank and brokerage clients to support them in their year-end processing efforts," said Steve Neiss, Vice President of Tax Information Reporting, Broadridge. "We are also excited about our dual relationship, which will bring a robust list of service choices to the financial services industry."
"We decided to work with Broadridge because of our long standing relationship, and their reputation for providing high-quality products and client service," said Ray D'Arcy, President of Sales and Marketing, Interactive Data Corporation. "By combining Broadridge's in depth knowledge of year-end tax reporting with Interactive Data's vast universe of high quality reference data, we are able to provide clients with an offering that can help them work more efficiently. We believe that incorporating OID-related content from Broadridge's enhanced TIRS will provide clients using the Interactive Data Original Issue Discount Service with a more robust offering that leverages Broadridge's tax expertise and delivers a broader resource of data."