Financial institutions are constantly challenged to comply with the requirements of the tax authorities and the ever-changing tax regulations. One particular challenge is the implementation of the German Federal Central Tax Office’s (BZSt) upcoming mass processing interface, which is currently in development. Austria, Denmark, the Netherlands and Switzerland have also already introduced digital procedures. For all banks now wishing to submit applications via the new interface in Germany as well, a solution for data transmission is absolutely necessary.
Ultimately, the transition to digital application procedures is not only a challenge for public authorities, but also for financial institutions. The latter will need to be technically prepared for the new procedures to ensure that they can continue to offer their customers a streamlined service. This is the reason why we have developed the STTI interface, which already enables digital data transmission to various tax authorities such as Denmark, Switzerland and Austria. Through our direct access to the German Federal Central Tax Office (BZSt), we have gained valuable insights into the technical requirements, enabling us to start the extension of STTI with the gateway to the German Federal Central Tax Office.
The interface enables the secure transfer of tax-related information between internal banking and application office systems. Regardless of whether it is the electronic submission of forms or the data transfer to the required web form, the STTI interface makes the entire process more secure and efficient. Here are the key benefits at a glance.
The development and maintenance of an in-house software gateway can result in significant costs, both in terms of initial development and ongoing maintenance. These costs include hiring skilled developers, ensuring continuous updates and upgrades, and investing in the necessary infrastructure and resources. By choosing to implement STTI, financial institutions can avoid these costs. STTI offers a cost-effective solution via a subscription-based model that allows institutions to benefit from continuous updates, support and maintenance without incurring additional costs.
Building a software gateway from scratch can be a time-consuming process that delays the compliance process and impacts operational efficiency. In contrast, STTI offers an out-of-the-box solution that significantly reduces the implementation time. With STTI’s expertise and pre-built integrations, financial institutions can quickly connect to tax authority systems, accelerating the filing of withholding tax reclaims and tax reports. This fast implementation reduces time-to-market and enables financial institutions to comply with regulations while minimising any disruption to their core business.
The market-leading Gateway from STTI offers seamless integration options with existing systems and databases in financial institutions. Whether connecting to core banking systems, CRM platforms or accounting software, STTI’s platform is designed to integrate easily and minimise any disruption to existing workflows. As financial institutions grow and expand their operations, STTI’s scalable solution ensures that the software gateway can keep pace with growing transaction volumes and changing regulatory requirements without compromising performance.
Staying compliant with ever-changing tax regulations is a difficult task for financial institutions. STTI takes this burden off their shoulders by providing regular updates to ensure a continuous level of compliance. STTI’s team of experts closely tracks regulatory changes, updates the software accordingly, and notifies users of any necessary adjustments. This proactive approach enables financial institutions to stay up-to-date with the latest regulatory requirements and ensures that their tax reporting processes stay compliant, mitigating the risk of penalties and reputational damage.
STTI has established its reputation as a leader in software gateways for tax reporting and compliance. With years of experience and a proven track record, STTI has gained extensive expertise in the intricacies of tax authority requirements and complex tax regulations. By leveraging STTI’s proven platform, financial institutions benefit from a reliable and robust system that has undergone extensive testing and optimization to ensure accurate and compliant tax reporting.
