SIX Securities Services has entered into an exclusive partnership with tax consultancy Confinale to launch a new tax reclaim service.

The service, which will be launched on 1 January 2017, is aimed at helping banks and investors to manage double taxation on interests and dividends from shares in foreign corporations.

According to the Swiss Federal Tax Administration, only CHF22bn out of a total of around CHF29bn in withholding tax paid was reclaimed in 2015.

The companies have secured Raiffeisen Switzerland as their first pilot customer.

SIX Securities Services head of markets & clients Valerio Roncone said: "With this tailor-made solution we are confident of creating significant added value for our customers. The positive feedback from the market spurs us on to drive forward with our service-based approach and to apply ourselves more closely to our customers' operational needs."

Roland Staub, partner at Confinale, said: "The fact that one of the most respected providers of infrastructure and services in the Swiss financial sector has asked us to contribute our knowledge and our industry-leading software solution to its tax service offering makes us very happy and provides confirmation for the strategy we have chosen to pursue. This innovation partnership is another important milestone for our relatively new company. We look forward to a close and long-lasting partnership."

Gabriela Ziltener, head of investment products at Raiffeisen Switzerland said: “The Tax Reclaim Service will be available to individuals and legal entities with their tax domicile in Switzerland or abroad."