SunTec inks two VAT tech deals with UAE banks
SunTec, an India-based provider of revenue management and customer experience orchestration software, has signed two new clients in the Middle East for its flagship Xelerate platform.
These are Finance House and Union National Bank (UNB). In both cases, Xelerate was taken to support the newly introduced value added tax (VAT) computing and invoicing. Earlier, SunTec inked similar deals with Sharjah Islamic Bank and Al Hilal Bank.
T.K. Raman, group CFO at Finance House, says the bank is “proud to be among the first companies in the UAE to become VAT compliant”.
SunTec’s Xelerate for VAT has been developed specifically for the Gulf nations “to cater to the newly added complexity of taxes”, the vendor says.
“VAT is the first step that the GCC countries have taken towards a tax regime,” it adds.
The solution is designed to sit “over the top” of the existing tech landscape and can integrate with multiple back-end systems.