The financial industry and its associated service providers are now increasingly facing the obstacles and challenges posed by modern cloudification and are responding to market trends in a positive way. This includes SDS with SDS IREG and its cloud readiness which enables existing international customers as well as new customers to take the step towards next-generation tax reporting
The financial industry is facing dynamic changes in terms of IT infrastructure and operations that are hard to predict. Whereas in the past decade strategy and business models, in particular, have been questioned and revised, not least due to massive regulatory changes and the entry of new competitors such as FinTechs, “innovative technologies” and “digitalization” are now the top issues that decisively determine the competitiveness of a financial intermediary.
Read More: CIT’s Direct Bank Announces New Digital Self-Service Capabilities
A key to success in accomplishing these tasks could be the advancing cloudification of back-end solutions. Whether for internal processes, organization, or the development of new business models and customer benefit – the opportunities offered by the topic of ‘Cloud’ have a positive effect on the progress of market participants in the international financial industry. Despite initial obstacles, whether in connection with security, legal, business, or technology issues, the signs point to growth. Decision-makers in banks put established processes to the test, assessments determine the best way into the cloud and experts rack their brains over the latest product and its placement on the market.
SDS relies on standard market cloud concepts and provides software solutions based on these standards. Our products can be operated on-premises as well as in the private or the public cloud. The possibility of switching at any time increases the independence of a financial institution that can comply with the requirements of the regulator, react immediately to relaxations/restrictions, and thus always produce at optimum cost. SDS licensees can thus continue to meet the growing needs in a dynamic market environment and secure their competitiveness in the long run. In foreign tax reporting with the QI, FATCA, and CRS regimes, deployment in a cloud environment is particularly useful: The creation of reports is performed based on the target date, in short, labour-intensive periods. With SDS IREG, SDS is now able to offer a sophisticated and comprehensive solution in a highly efficient deployment model.
