Delta Capita, a global provider of managed services, solutions, and consulting, has partnered with GBST to launch a financial transaction tax solution, Syn~FTT. The partnership follows a critical time as the demand for financial transaction tax (FTT) solutions increases in Europe. Last week, Spain announced it is set to join France and Italy by enforcing FTT from January 2021, while an EU-wide tax is currently being considered.
Delta Capita has experienced global investment banks and brokers trading high volumes of securities in these markets needing to address this complex challenge with more robust and automated technology solutions in order to better demonstrate compliance removing the associated manual processes. Such firms are needing to reduce operational costs in order to scale and ensure that they are collecting the right amount of tax in accordance with each country’s regulations, declaring the right transactions, on time, in the right format, to the right tax authority in the most efficient way.
The partnership is part of Delta Capita’s ambitious growth strategy, which will now see the technology firm expand into the post-trade managed services space.
GBST provides post-trade technology for the worlds’ leading capital markets and wealth management organisations. While GBST already has a robust global foothold with Tier 1 capital market clients Delta Capita is confident that their new strategic partnership will accelerate the growth of both companies even further.
Gary Bullock, Head of Post Trade at Delta Capita, says: “Organisations are preparing for the new Spanish Financial Transaction Tax (FTT) while also battling to stay ahead of the curve for the anticipated expansion of EU FTT. Compliance is complex, and it is essential firms step away from spreadsheets and bespoke, hard coded systems. Automation has the potential to transform reporting, which is why we are excited to partner with GBST and help organisations to streamline their entire FTT process and workflow across legal entities.”
Denis Orrock, Head of Capital Markets at GBST, comments: “We are delighted to be partnering with Delta Capita to help support the implementation of Syn~FTT across the market. We feel this partnership brings the best capabilities together; market-leading technology from GBST which is supported by deep domain knowledge and expertise by Delta Capita to help clients address this complex area in a more streamlined, low risk, fashion.”
