HOBOKEN, N.J.,
June 20,
2024 /PRNewswire/ -- Saphyre, Inc., a pioneering
force in financial operations technology, and Global Tax Recovery,
an expert in tax reclaim services, have entered into a strategic
arrangement to streamline tax reclaim processing, alleviating
complexity, and reducing operational overhead for asset managers
and asset owners.
Tax reclaim processing has traditionally been laborious and
time-consuming, requiring in-depth knowledge of various
jurisdictions' complex tax laws and treaties. This collaboration
delivers a seamless solution that optimizes outsourced tax reclaim
processing by giving Global Tax Recovery direct access to Saphyre's
real-time, verified, 'golden source' of fund/account data and
documents including critical market and tax
details.
By leveraging Saphyre's real-time data, Global Tax Recovery
is well positioned to deliver a seamless, cost-effective tax
reclaim solution to Saphyre customers.
"Asset managers and institutional investors encounter
significant complexities and inefficiencies in managing tax
reclaims, which can ultimately impact investment performance,"
remarked Ray Shivers, COO of
Saphyre. "Through our collaboration with Global Tax Recovery,
Saphyre provides a solution that assists with alleviating these
challenges by providing a seamless and innovative solution [to
share information] that empowers customers to reclaim taxes
effectively in order to optimize their investment strategies."
"Data procurement is an essential factor in being able to
execute reclaims faster and more efficiently," says Mark Friedman, Founder and joint CEO of Global
Tax Recovery. "Our collaboration with Saphyre further enhances
our ability to provide clients with a seamless and effortless
reclaim process. This is beneficial on multiple levels, primarily,
because it gives our clients the time back to focus on what's most
important – their business."
The arrangement underscores both Saphyre's and Global Tax
Recovery's commitment to driving innovation in the financial
industry and providing solutions that address the evolving needs of
its clients. Together, they aim to set new standards for
efficiency, accuracy, and transparency in financial
operations.
About Saphyre
Saphyre leverages patented AI technology to digitize all pre-trade
data and activities across multiple counterparties: from asset
owners to investment managers, hedge funds to prime brokers, any
client firms to broker-dealers and custodians, and much more.
Saphyre's platform maintains memory of data and documents,
resulting in clients not having to search or resubmit information,
and expedites flow in a digitally structured manner so that it can
be consumed and understood by any permissioned counterparty in the
finance industry. This allows firms not only to assess risk faster
but they can speed their onboarding processes, get real-time
ready-to-trade statuses per account, and eliminate 70%-75% of
redundant or inefficient post-trade activities.
About Global Tax Recovery
Global Tax Recovery is a
global specialist that provides investors with a simple and
seamless turnkey solution to recovering excess withholding tax that
has been deducted by foreign tax offices on cross-border dividends
and interest earned. Global Tax Recovery is exclusively focused on
withholding tax recovery and counts many of the world's top-tier
financial institutions, banks, asset managers, wealth managers, and
pension funds as our clients. We manage the entire administrative
burden and ensure a hassle-free claim process by handling the
recovery from beginning to end. Our thorough knowledge of both
international tax law and foreign tax office procedures ensures
that we resolve your specific claim successfully and in the
shortest possible time. Our extensive geographical footprint and
global network of specialists cover all the relevant investment
jurisdictions and are on the ground waiting to assist. These teams
can accommodate any client's specific needs and are experts in
their local jurisdictions.
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SOURCE Saphyre