Wolters Kluwer Financial Services Partners with Broadridge Tax Services

By Rahul Arora
TMCnet Contributor

Wolters Kluwer Financial Services, a company that provides risk management, compliance, finance and audit solutions, recently announced that it has joined hands with Broadridge Tax Services, a technology services company, to deliver Phase 3 Debt functionality to support Cost Basis and Tax Reporting compliance.

The GainsKeeper CompleteDebt solution from Wolters Kluwer Financial Services is integrated with Broadridge Tax Data Services to form industry’s only Phase 3 Debt solution built from a Cost Basis platform. The solution successfully meets the tax reporting, reconciliation and continuity requirements of broker-dealers.

Apart from the integrated solution, the clients of Wolters Kluwer Financial Services can also have an access to Broadridge’s Tax Managed Services, which help them address the convergence of accelerated government regulations, increased tax reporting requirements, and growing client demands that significantly increase firms’ risks and costs.

“Broadridge Tax Services understands the heavy regulatory pressures facing financial service firms, and their focus is on helping lessen those burdens for their clients,” said Chuck Ross, vice president and general manager of Investment Compliance Solutions at Wolters Kluwer Financial Services. “It is important for us to deliver the most extensive and centralized broad-based automated Cost Basis services available so we can help broker-dealers avoid the potential data quality and workflow issues inherent in multiple-vendor systems while providing tax regulatory compliance.”

In related news, Wolters Kluwer Financial Services recently announced that United Bank of Michigan, a long-time user of the ComplianceOne loan and deposit origination and workflow system, has implemented ComplianceOne manager, the company's Software as a Service-based business process management, or BPM solution, to help automate lending workflows and reduce regulatory risk.

According to Cindy Lowman, president of the United Bank Mortgage Corporation, the bank chose ComplianceOne manager to help meet the demands of regulators and business partners for increased data reporting and audit tracking capabilities. Compliance with each of these was becoming more challenging because of the bank's manual, paper-based reporting processes.