ESP minimizes manual interventions even when documentation is required, making it a powerful tool for supporting regulatory compliance, disclosure programs and information reporting.
At last year’s Sibos we demonstrated the strides GlobeTax was making in automating tax reclaim processes. Central to this strategy has been ESP, our proprietary electronic submission portal. The financial services industry has been quick to understand – and take advantage of – the expanded capabilities ESP provides, allowing them to service their clients more effectively.
ESP is a web-based interface to GlobeTax’s global document management, tax rate and tax rules system that publishes cross border withholding tax rules (at market and corporate actions event level). As events occur, ESP opens processing windows for financial institutions in multiple layers of the custody chain to file tax reclaims for their clients, which we then process on their behalf.
For CSDs, ESP’s ability to handle omnibus and segregated accounts, blended tax rates, and reporting, have meant that GlobeTax’s core service of tax reclaim processing has been enhanced with relief at source. Read more