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THE RE-ENGINEERED ESP: ONE YEAR LATER

One year ago, GlobeTax released our completely updated ESP platform, dramatically streamlining the claim submission process for the participant community.

Since ESP’s launch one year ago, we are pleased to share that:

  • 110,000+ documents have been created
  • 7,000,000+ beneficiaries have been submitted
  • In total, 16 billion DR shares have been disclosed

To commemorate the anniversary of the launch, we asked our power users about their favorite features. Here’s what we learned:

 

  1. Bulk upload is a fan-favorite feature

Although ESP featured numerous enhancements, we heard unanimous praise for one feature in particular: bulk upload.

When re-engineering the platform, we sought ways for users to submit more claims in fewer clicks. Bulk upload does just that. The feature allows up to 50,000 beneficial owners per submission across multiple participant numbers, events, and procedure types for relief at source, quick refund, and standard reclaim.

As one user put it, “We are very happy with the bulk upload functionality. It aligns much better with how we process our work.”

 

  1. ESP’s speed and efficiency free up operational resources

Thanks to the bulk upload feature, along with other resource-saving functionalities, our users enjoy more time to dedicate to other areas of their business. One user shared that the decreased processing times “allowed us to train others and transition some of the work to others with our Tax Team.”

This trend suggests that users are helping their account holder clients maximize portfolio performance with less risk and effort than was ever before possible.

 

  1. Users can correct errors faster than ever

Tax reclamation is a complex and onerous task. To perform it, financial institutions must keep track of unique rules, regulations, and processes in each market, not to mention thousands of supporting documents for each client.

And so, it’s no wonder that our users love the re-engineered ESP’s ability to correct any errors on submissions, especially when inputting information for thousands of investors.

As one user noted: “I do like that I am able to cancel incorrect submissions myself in ESP. Also, it helps that it is possible to see all the errors for a particular submission in a separate file.”

 

After a year with the enhanced platform, one thing has become clear: thanks to ESP’s seamless interface, centralization of tax relief rates and processes, and myriad quality-of-life improvements, our users are managing risk, saving time for investors, and maximizing portfolio performance.

As the industry leader, GlobeTax is constantly seeking new ways to innovate. Stay tuned for further developments, updates, and improvements to our ESP platform. We are excited to see what the future holds.