Vistra opts for DAC6 tax reporting solution FiTAX from BearingPoint RegTech

London/Frankfurt/Hong Kong, 18. November 2020 - BearingPoint RegTech, a leading international provider of innovative supervisory, regulatory and risk technology solutions (RegTech, RiskTech and SupTech), has been selected by Vistra for their FiTAX DAC6/MDR module. Vistra is a is a leading provider of expert advisory and administrative support to Fund, Corporate, Capital Market and Private Wealth clients, present in 45 jurisdictions and employs over 4,600 professionals.

We were looking for a reliable and reputable partner that offers a solution to meet our global DAC6 tax reporting requirements. With BearingPoint RegTech, we found an established software provider that also provides support for our reporting process with their infrastructure services and application management in the form of their managed services offering. A further reason for our decision for selecting FiTAX was the solution’s embedded locally specified assessments, extensive functionality for audit, automation, and submission of reports.

Reem Zahran, CIO at Vistra

With the new development of the FiTAX DAC6/MDR module as a managed service, BearingPoint RegTech has responded to the increasing complexity in tax reporting and the associated higher costs. In particular, the operation of software solutions usually means considerable costs and time expenditure for regulated companies. BearingPoint RegTech has been offering managed services for its other products for more than 15 years. More than 70 customers with 1,000 companies all over Europe trust in our ISO-certified managed services.

Since July 2020, we are offering managed services in the Microsoft Azure environment for our FiTAX DAC6/MDR module, and we are delighted to welcome Vistra as a client for this service. With managed services, we provide our clients with a variety of services related to the technical operation of the module, thus enabling them to focus on their core business. We will extend this offering to all FiTAX modules starting in the first quarter of 2021

Ronald Frey, Member of the BearingPoint RegTech Management Board

FiTAX is an established, modular, ready-to-use tax reporting solution that meets the reporting requirements of QI, QDD / 871(m), FATCA, CRS/AEOI and DAC6/MDR reporting. The solution is used by more than 3,200 institutions and covers reporting for more than 130 countries from data collection to direct upload of encrypted reporting files to the portal of tax authorities. The managed services portfolio ranges from infrastructure services and application management to supporting and monitoring technical processes in the data delivery and processing as well as report preparation.

About Vistra

With a laser focus on minimising risk and enhancing efficiencies, Vistra provides expert advisory and administrative support to Fund, Corporate, Capital Market and Private Wealth clients; helping capital flow, protecting investors and safeguarding assets across multiple industries. Vistra is present in 45 jurisdictions and employs over 4,600 professionals. For more information, please visit www.vistra.com 

Press contact BearingPoint RegTech

Sandra Hering
Head of RegTech Marketing & Communications
E-mail: sandra.hering@bearingpoint.com