On the opening day of NACHA Payments 2010, Clear2Pay, the international technology provider of next generation payment solutions for financial institutions, has launched its Tax Data Service (TDS) product. TDS automates and streamlines the formatting and routing of tax payments, replacing a traditionally manual and resource intensive process.
The Tax Data Service (TDS) addresses the complex issue of processing tax payments in the United States: tens of thousands of different tax type codes to hundreds of tax authorities need to be made with the correctly formatted addenda record in the CCD+ payment and the matching payment routing instructions for the respective tax authority and type. The maintenance of this data has to date been a manual and laborious process for banks and their customers, prone to human error and requiring code-based updates to installed applications. The TDS, in contrast, is a hosted and web-service enabled solution that empowers customers to retain ownership of their ACH origination channels while leveraging an industry utility for the time consuming and manual process of maintaining tax format and routing data.
The Tax Data Service can be accessed on its own or in combination with Clear2Pays ACH origination software, says Matt Ellis, General Manager of Clear2Pay Americas. Our team of dedicated data analysts and our cutting edge technology guarantee that changes to existing formats or new tax formats are available to banks, companies and payment processors within 24 hours of notification and verification. Banks, corporations and software providers spend hundreds of thousands of dollars per year collecting and updating tax format information. Inaccurate formatting or routing information exposes companies to material late fees and penalties. The Tax Data Service will help customers lower costs and manage risk.
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