Saphyre and WTax: Pioneering the Future of Tax Reclaims

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Sep 04, 2024, 09:30 ET

HOBOKEN, N.J., Sept. 4, 2024 /PRNewswire/ -- Saphyre, Inc., an industry award winning fintech company using patent-approved technology to solve pre-trade activities and post-trade issues, announces, in collaboration with WTax USA Inc, a revolutionary approach to tax reclaims that expects to redefine the industry standard. This strategic relationship leverages Saphyre's cutting-edge technology and WTax's extensive expertise to deliver an unparalleled tax reclaim experience.

Saphyre and WTax: Pioneering the Future of Tax Reclaims

The process of withholding tax reclaims has long been a complex and daunting task for investors worldwide. The intricate nature of reclaim procedures, coupled with the need for precise documentation and adherence to strict deadlines, has made it a challenging endeavor.

Saphyre and WTax are looking to tackle these challenges head-on. By integrating WTax's global reach and knowledge with Saphyre's real-time, verified 'golden source' data, this arrangement is set to streamline the withholding tax reclaim process like never before.

"In today's fast-paced business world, the ability to onboard efficiently is not just an advantage, it's a necessity. Saphyre's platform revolutionizes the onboarding process and with WTax by our side, it will allow us to improve the very cumbersome tax reclaims process for our mutual clients," says Ray Shivers, Saphyre's COO, "Our authoritative data source minimizes errors and allows WTax to efficiently maximize withholding tax refunds for investors and financial institutions."

Iain Kedzlie, WTax's Chief Revenue Officer, emphasizes that, "Our alliance signifies an important enhancement in the withholding tax recovery services offered to Saphyre's clients and represents a key advancement in the standards of tax services within the financial sector. Together, we aim to revolutionize the withholding tax recovery landscape, making it more efficient, accessible and beneficial for investors worldwide."

The Saphyre WTax collaboration is a significant step towards a future where tax reclaims are no longer a burden but an opportunity for growth and efficiency.

About Saphyre
Saphyre leverages patented AI technology to digitize all pre-trade data and activities across multiple counterparties: from asset owners to investment managers, hedge funds to prime brokers, any client firms to broker-dealers and custodians, and much more. Saphyre's platform maintains memory of data and documents, resulting in clients not having to search or resubmit information, and expedites flow in a digitally structured manner so that it can be consumed and understood by any permissioned counterparty in the finance industry. This allows firms not only to assess risk faster but they can speed their onboarding processes, get real-time ready-to-trade statuses per account, and eliminate 70%-75% of redundant or inefficient post-trade activities.

About WTax

WTax manages and maximizes foreign withholding tax relief and reclaim entitlements for investors and financial institutions. WTax consistently increases investment performance by up to 52 basis points per annum for over 900 institutions globally, through optimizing market coverage, shortening refund timelines, and improving cash flow.

WTax's scalable and transparent tax solutions, coupled with its in-depth technical expertise, reduce the administrative burden for WTax clients, saving time and allowing them to focus on their core investment activities.

SOURCE Saphyre