BBK Bahrain deploys SunTec VAT solutions
Bank rolls out SunTec's Xelerate to help it become VAT compliant
BBK Bahrain has deployed compliance solutions from SunTec to ensure all the bank’s transactions comply to VAT regulations.
BBK Bahrain, formerly known as Bank of Bahrain and Kuwait, has rolled out SunTec’s flagship product Xelerate to ensure that it is compliant with VAT from the start of this year.
Bahrain introduced VAT from 2019, following the UAE and Saudi Arabia that launched it in 2018. All financial institutions in Bahrain have been instructed to become VAT compliant by the first quarter of 2019. BBK will begin their VAT compliance journey with SunTec’s Xelerate.
Reyadh Sater, CEO of BBK said: “Focusing on improving our customers’ experience and their relationship with BBK through the delivery of new technology and solutions is key to our strategy. We are confident that Xelerate as a product will deliver us real benefits in consolidation, compliance, and reporting across VAT, while ensuring a smooth and timely implementation, allowing us to be one of the first banks in Bahrain to declare a compliant VAT solution.”
The Xelerate solution has been designed to enable financial services organisations to smoothly comply with VAT regulations. The out-of-the-box solution includes over 200 features and has been designed to be tailored seamlessly to changes in VAT law, policies and practices.
The solution runs over the top of existing banking applications, and can can integrate multiple back-end systems. This allows all taxable transactions across different applications to be tracked and accurately computed for smooth business operation.
Nanda Kumar, Founder and CEO of SunTec, said: “We are proud to be the partner of choice for Bank of Bahrain and Kuwait on VAT compliance. VAT is an important initiative that governments in the GCC region have undertaken and we are glad to bring a productised solution for VAT compliance that addresses the compliance requirements at a country and GCC level framework. All industries are affected by this, including banking and financial services, which SunTec primarily caters to.
“Companies with presence in multiple GCC countries are seeing a significant increase in complexity over time. It is imperative to have a solution that is scalable and can accommodate these complexities so service offerings are not compromised and the financial institutions maintain a competitive edge. I’m proud to say that in the last few months, SunTec has already partnered with 14 banks in UAE and Saudi Arabia to help them manage the complexities associated with the VAT mandate and go compliant as well.”