British banking group Standard Chartered has chosen BearingPoint’s FiTAX solution to meet its tax reporting needs for Qualified Intermediary (QI), Foreign Account Tax Compliance Act (FATCA), and Automatic Exchange of Information/ Common Reporting Standard (AEoI/CRS).

The FiTAX solution will support the bank’s tax reporting requirements in over 50 tax authorities worldwide.

Standard Chartered head of client tax information reporting Tom Pryce said: “BearingPoint’s coverage and accuracy were key differentiators in our decision to select FiTAX.

“Attention to detail on the technical reporting requirements, combined with business and implementation expertise, has enabled a smooth integration of FiTAX into our systems and processes thus far.”

The vendor said that the FiTAX team evaluates local rules and reporting formats to adhere to new fiscal guidelines.

BearingPoint partner in Singapore Dirk Jaensch said: “We see an increasing demand for trusted advisory in combination with ready-to-use vendor solutions complying with extensive ever-changing regulations. We’re delighted to help Standard Chartered to simplify and automate their client tax reporting process.”