German Fintech Raisin goes live with Naqoda’s Tax Engine

Naqoda is delighted to announce the successful launch of its Tax Engine solution at Raisin in Berlin, Germany.

The Naqoda Withholding Tax Calculation Engine is a multi-country software solution for the calculation and reporting of interest income tax and capital gains tax. The solution provides the fintech with all the compliance requirements of German withholding tax (aka Abgeltungssteuer) that it is required to fulfil.

The German flat rate withholding tax, or Abgeltungssteuer, is a tax on private income from capital and capital gains. This flat rate withholding tax came into effect on the 1st of January 2009.

Raisin COO and co-founder Michael Stephan explains: “By integrating Naqoda’s engine, we can offer Raisin customers in Germany an improved service. Those who select fiduciary deposit products now have a streamlined and transparent way to calculate and report the withholding tax on the income they earn from their Raisin-brokered savings.”

Erik Bogaerts, Managing Director of Naqoda comments: “We are delighted to implement our solution at Raisin. Working together has been a productive and enriching experience. The team at Raisin have made it possible to deliver our solution in a short time and we are delighted to support their innovative new endeavours.”

For more information about Naqoda’s solutions, please click here to request a brochure.

Further information about Raisin can be found on their website.

 

An afternoon of Japanese open innovation and karaoke

Whilst everyone else went to immerse themselves in the latest PFM technology – or is it robo-advisory this year – at Finovate Europe, I decided to head to NTT DATA’s Open Innovation Contest Finalist Pitch Day hosted by Innovate Finance at nearby Level 39. NTT DATA not only operates in the banking and finance space but also realises projects such as the digitalisation of the Vatican library.

The contest is open to business ideas and applications related to the challenges posted by NTT DATA group companies across the world. Challenges which are not only related to FinTech as I found out later. The winner of the London contest will move on to the global round in Japan in March. Given that NTT invests $1.8 billion annually in R&D, certainly a good place to be.
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Flexibility is killing

Over the last couple of years I’ve had the opportunity to look at a variety of core banking solutions. What strikes me is that more and more these solutions are similar, not only in coverage – which we can assume they have to be to support the variety of banking functions needed – but also in construct. Service oriented architecture, frameworks, agile development, multi-tier architecture, enterprise architecture approach, etc are the main buzzwords. Also it seems that the focus is placed less on the banking functions themselves – as most solutions present similar coverage – but more on the flexibility of the solution.
This must be good news for bank CIO’s, right?
Well unfortunately, not really …
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