How Finastra Improved Tax Data Governance Using Loctax

“It’s a game-changing tool in our ongoing journey towards greater transparency and oversight to protect the company.“

Ken Chan, Vice President & Global Head of Tax at Finastra

About Finastra

Finastra is a financial software company headquartered in London. As a company that enables the financial services world to deliver the future of banking, Finastra provides innovative market-leading applications and serves customers (including 84 of the top 100 banks) in over 130 jurisdictions.

Challenges Faced

With its global and complex geographical footprint, legacy acquisitions, and mergers, and the significant changes being introduced in the wider tax environment, Finastra's global tax team was managing complex and material risks across the world. The challenge was about finding a consistent approach to tax governance. The team began to explore how tax affairs could be better managed, starting with a more consistent approach to tax governance across all taxes, moving away from multiple manual spreadsheets saved across different local servers, plagued by problems of version control and human error.

Loctax Solution

Fundamentally, the Loctax platform offered a structured repository for tax-sensitive data, giving Finastra's tax team greater visibility and control over its various obligations. It was a single solution that helped the team keep track of tax filing and payment obligations across the world. This helped simplify and standardize processes, ensuring consistency in the approach adopted by every team member around the world, irrespective of grade or specialization. Moreover, the platform offered valuable insights through intuitive dashboards, supporting Finastra's tax team in making informed and balanced decisions.

Implementation & Success

Loctax's simple plug-and-play solution was easy for Finastra to implement and use relatively quickly. The team was able to get the platform up and running in no time, with the assistance of the customer success team at Loctax. The collaboration features and insights provided by the platform were instrumental in achieving better governance and efficiency.

Refreshing — the one word I'd use to describe working with Loctax. With lightning-fast responses and an agile approach to partnership, Loctax felt more like an extension of our tax team than an external provider.

Ken ChanVP, Global Head of Tax at Finastra

Ken Chan, Vice President & Global Head of Tax at Finastra, summarized the experience: 'Refreshing – the one word I'd use to describe working with Loctax. With lightning-fast responses and an agile approach to partnership, Loctax felt more like an extension of our tax team than an external provider. It's a game-changing tool in our ongoing journey towards greater transparency and oversight to protect the company.'

About Loctax

By bringing together internal and external stakeholders, Loctax's cloud-based solution helps achieve control over tax risks, compliance, advisory, projects, audits, and other tax responsibilities. It empowers multinational companies to digitize their tax function and communicate clearly about their total tax contribution. Loctax enables multinationals to establish rock-solid tax governance.

Massive Transformation Potential For All Tax Teams

The partnership between Finastra and Loctax illustrates the transformative potential of digitized tax solutions in today's complex financial landscape. With Loctax, Finastra was able to revamp its tax governance system, enhance control and visibility, and position itself as a leader in tax management. Explore how Loctax can be a game-changer for your company's tax management needs.

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