By Daniel Webster, dWeb.News Publisher
MUSCAT, Oman–(BUSINESS WIRE)–India-based SunTec Business Solutions, the world’s #1 relationship-based pricing and billing company, today announced a major milestone in Oman, with six of the 10 local banks in the country going live with SunTec’s GCC VAT Compliance Solution. Oman implemented a nationwide VAT regime on April 16, 2021, in line with the transition to VAT across all GCC countries.
SunTec’s unique solution, which integrates seamlessly and acts as an overlay to banks’ complicated IT systems, allowed Oman’s banks to implement full VAT compliance despite a very short notice.
SunTec’s Indirect Taxation Solution is used by more than 50 banks and financial services providers in the Middle East and India for VAT or GST compliance with 30 customers in the GCC region alone. SunTec’s GCC GST compliance solution processes nearly 1 billion transactions annually.
Nanda Kumar, CEO and Founder at SunTec said, “We are glad to recognize that a number of leading banks in the GCC region are choosing SunTec as their preferred technology partner for full-scale VAT compliance. This endorsement is a testament to our world-class Xelerate platform. Amit Dua, President – Client Facing groups at SunTec stated, ” It is a matter for pride that six of the most prominent banks in Oman selected us to be their technology partner for full-scale VAT compliance. Our product was adopted by a large number of financial institutions and banks. This is a testament to our market knowledge and the robustness of our pre-configured product. It seamlessly integrates with their systems, despite the complexity of their IT landscapes. It can be integrated with existing IT systems, and it is also designed to reduce compliance costs by processing all taxable transactions across business lines. It helps to reduce the risk of compliance violations, penalty and reputation loss.
SunTec is the world’s #1 relationship-based pricing and billing company. More than 130 clients in 45+ countries rely on SunTec to provide hyper-personalized products, offers, pricing, loyalty programs, and billing for over 400 million end-customers. SunTec products are built on our cloud-native, cloud-agnostic platform, Xelerate. They can be delivered on-premise or on private clouds. SunTec operates globally in the USA, UK and Germany as well as Singapore, Canada, Australia, Australia, Singapore, UAE, Singapore, Canada and Australia. For more information, please visit: http://www.suntecgroup.com
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