RBL Bank ensures GST Compliance with SunTec Business Solutions
BANGALORE, INDIA, – 23 November, 2017 – SunTec, which partners with global financial services organisations to increase the lifetime value of their customer relationships through effective revenue management and customer experience orchestration, has implemented GST compliance for RBL Bank. Through this implementation, RBL Bank has gone live with an end-to-end solution for GST management, that will bring out the indirect taxation logic by orchestrating transactions and related complex taxation changes associated with the GST Act, both in the debit tax and credit tax spaces. The announcement comes at a crucial juncture where the country has recently rolled the GST Act.
SunTec’s Xelerate is uniquely designed to be an over-the-top (OTT) solution which can easily be integrated into the bank’s existing IT Landscape. This ‘out-of-the-box’ solution with preconfigured rules can be nimbly configured irrespective of inter and intra state combinations. The solution ensures end-to-end GST transaction management by enabling derivation, segregation, computation, application and reversal of GST-related charges in a centralized manner. The SOA architecture enables easy integration with GSPs and the entire technology ecosystem of the bank thereby provisioning for faster market readiness for the GST rollout.
K Nanda Kumar, CEO at SunTec said, “We are extremely delighted to have partnered with an esteemed organization like RBL Bank. Our proven technology agnostic product suite will enable RBL Bank render seamless business value and benefits to its customers. With regulations like GST already in force, it is clear that banking and financial institutions must adapt to lean processes and technological solutions to improve service accuracy. We look forward to continue delivering innovative solutions that will immensely benefit clients and help RBL Bank retain customer trust in the long run.”“We are delighted to partner with SunTec and proud to announce that we are one of the first few banks in India to have successfully gone live on GST. Given the diverse business portfolios we handle, it was crucial for us to ensure that all taxation related data is computed and analysed with accuracy so as to ensure smooth business operations and keep issues of double taxation in check. With SunTec’s in-depth know-how on GST and the preparedness they showed through a solution like Xelerate, we could ensure regulatory compliance and are confident that we will be able to offer superior business services and adeptly manage greater volume of transactions. We are satisfied with the progress with GST compliance, and look forward to a fruitful long-term partnership with SunTec” said Naresh Karia, CFO, RBL Bank.The GST ACT that was rolled out on 1st July 2017, is set to transform India’s tax system. It is the biggest ever tax reform ever since Independence which will replace layers of federal and state taxes to one single and unified tax. It is but obvious that all industries will get affected by this, banking and financial services would also be incrementally impacted as level of compliances will see dramatic augmentation under GST. Companies with PAN India presence will likely see manifold increase in compliances because of the varied nature of businesses. It is imperative to streamline operations and the need to initiate necessary action so that service offerings are not compromised and the financial institutions maintain the competitive edge.
About RBL Bank
RBL Bank is one of India’s fastest growing private sector banks with an expanding presence across the country. The Bank offers specialized services under six business verticals namely: Corporate & Institutional Banking, Commercial Banking, Branch & Business Banking, Agribusiness Banking, Development Banking and Financial Inclusion, Treasury and Financial Markets Operations. It currently services over 3.15 million customers through a network of 246 branches and 388 ATMs spread across 20 Indian states and Union Territories.Over the last few years, RBL Bank has earned recognition in various national and international forums such as : CNBC ASIA’s India Talent Management Award (2017); ‘India’s Best Bank (Growth)’ in the ‘SmallSized Bank Segment’ by Business Today-KPMG Best Bank Study for six consecutive years (2012-17); Business World’s ‘Best Growing Small Bank’ consistently for four years(2013-17) along with being recognized by the World Economic Forum as a ‘Global Growth Company’ (GGC). RBL Bank is listed on both NSE and BSE (RBLBANK).For further details, please visit www.rblbank.com
About SunTec
At SunTec, we help our clients increase the lifetime value of their customer relationships through effective revenue management and real-time customer experience orchestration. Our low risk digital transformation approach enables clients to own the customer experience by enhancing their value-based engagement. With 150+ clients in 45+ countries, SunTec is a trusted partner of leading organizations across Banking, Financial services, Insurance, Telecom and Travel industries. Headquartered in India, we have operations in USA, UK, Germany, UAE, Singapore and Australia. With a team of highly skilled folks and our highly innovative product development models, we help our clients to always remain at the cutting edge of technology. A stable, mature and flexible product suite, Xelerate is benchmarked regularly for optimum performance. Coupled with insights from our industry experts and a robust future-ready roadmap, Xelerate continues to develop along with the market. Able to seamlessly integrate with any ecosystem, it is one of the fastest products to implement.
For more information, please visit us at www.suntecgroup.com or email us at [email protected]
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