Information Mosaic connects to GlobeTax; receives SwiftReady gold for corporate actions

Source: Information Mosaic

Information Mosaic (IM), the leading global provider of advanced middle and back office solutions for the securities services industry, announced a partnership agreement with New York-based GlobeTax to integrate GlobeTax's new SWIFT Service Bureau with IM's converg-e and CAMA solutions that will provide customers with fully automated withholding tax processing functionality.

John Byrne, IM's CEO, stated, "Most corporate actions software contains only very limited tax functionality, leaving institutions to develop extensive manual procedures to minimise taxation of cross-border income. However, withholding tax optimization has been rapidly increasing in importance for investors and we have recently been asked by several clients to develop a more sophisticated set of services into our converg-e and CAMA products." Byrne added, "We are already in discussions with several of our clients to hook up to this new service which we believe will provide them with operational efficiency as well as a significant market advantage."

Martin Foont, CEO of GlobeTax said, "The relationship with IM is a critical thread in our development strategy to offer our best of breed withholding tax solutions to the financial services community in ways that suit their business needs and methods. The Service Bureau is fully automated, using SWIFT ISO15022 messaging and FileAct, making it easier to implement. By linking our STP solution to converg-e and CAMA, IM can offer far superior products in the market, allowing financial intermediaries to provide a global withholding tax service. This could result in savings of up to 65% of costs, which for most FI's could mean several million dollars a year."

Byrne added, "Converg-e and CAMA will create and send SWIFT messages to the service bureau where the they will be processed to optimize withholding tax. Tax reclaim credits are then generated for client accounts."

Seperately today, Information Mosaic has been awarded the SWIFTReady Gold label for Corporate Actions for 2005 for IM's CAMA solution. IM's CAMA had earned SWIFTReady Gold for Corporate Actions in 2004, as well.

Grace O'Donnell, Vice President of Global Sales, stated, "We are proud to again be certified by SWIFT for 2005. The certification justifies the investment we have put into CAMA to keep it current with SWIFT standards. Our partnership with SWIFT is a highly valuable one as IM is committed to participating in all key applicable industry initiatives."

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