Broadridge Financial Solutions (NYSE: BR) has announced a co-operation agreement with GRZ IT Center Linz GmbH, one of the largest data processing centres in Austria and service provider to various banking groups, for the use of Broadridge's FITAS tax processing service within the Austrian banking community.
The FITAS service provides year-end tax reporting as required by German Tax Law according to Articles 20 and 23 of EStG (German Income Tax Act), and is being used by banks in Germany, Austria, Switzerland and Luxembourg. The service does not require a direct linkup or communication with the respective bank's back office system.
Within the scope of a pilot project with two renowned Austrian bank clients of GRZ, GRZ and Broadridge will set up FITAS in the GRZ data processing centre in Linz and establish a standardised interface for data transfer. After the end of the project, FITAS will be available for use by other GRZ clients. The foundation has thus been laid for a service that will enable Austrian banks to offer their German customers a detailed tax reporting service without investing substantially in migration or internal IT adjustments.