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Steria Success Story - Commerzbank: ensuring regulatory compliance
Steria Success Story - Commerzbank: ensuring regulatory compliance
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Steria Success Story - Commerzbank: ensuring regulatory compliance

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Achieving cost effective and seamless regulatory compliance with a wholly new central processing system and processes.

Achieving cost effective and seamless regulatory compliance with a wholly new central processing system and processes.

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  • 1. © Steria / July 2012 2013-07-12-Success-Story-Banking-Commerzbank-Tax Page 1 of 2 Success Story Commerzbank: ensuring regulatory compliance  www.steria.com Collaborative approach to change ensures the efficient and audit-secure introduction of a new tax in Germany Achieving cost effective and seamless regulatory compliance with a wholly new central processing system and processes. Challenge summary In response to Germany’s withholding tax reforms, Commerzbank needed to introduce a powerful and reliable application supporting compliance. Key facts  Development and roll-out of a batch-oriented IT application system for processing tax  Tailored specifically to Commerzbank’s requirements for regulatory compliance  Automation reduces manual effort and speeds up processing of tax calculations The challenge Commerzbank has one of the widest branch networks of any German private bank. Around 58,000 employees support nearly 15 million private and 1 million business and corporate customers. After the German Corporation Tax Reform Act 2008 took effect on 1st January 2009, capital gains tax with a withholding effect ("withholding tax") was collected on virtually all revenue from investment products. In common with other banks, Commerzbank had to significantly modify numerous central processes and introduce a new application in order to comply with this change. Commerzbank’s solution provider of choice had to be able to implement an application appropriate to the bank’s high standards of software development. The provider would also have to be highly self- sufficient in taking on responsibility for this work, but only after closely cooperating with the bank’s staff to fully understand their requirements. Our solution A trusted transformation partner to the banking sector, Steria defined, developed, launched and has since extended Commerzbank’s Fiscal Processing System (FAS). This message-based and batch-oriented IT application system has three main processes:  Determines the gross amount of tax  Taxation and booking of corresponding amounts  Issuing of tax receipt/annual tax confirmation to the bank’s customers and submitting information to public authorities. From a technical perspective, the FAS was produced in the COBOL programming language. The system currently comprises around 5,000 processing variants in around 600 main programs. A web-based front-end is incorporated into the data communication. To date five IT projects that build on each other to implement and expand the withholding tax solution have been carried out successfully since mid-2007. This has seen Steria providing around 30,000 people days of effort.
  • 2. How we worked together Commerzbank and Steria have built and maintained a constructive and trusting partnership over a number of years. This long-term partnership, combined with the technical know-how of Steria’s consultants, ensured that the solution design was entirely aligned with Commerzbank’s’ specific requirements. Based on site at Commerzbank, Steria took on the following roles in order to bring this project to fruition:  Consulting and preliminary study to understand technical platform and requirements  System development, roll out and implementation  Further system development, technical extensions and integration with many more of the bank’s systems over the ensuing years. The work was delivered in a highly collaborative manner by a joint Steria-Commerzbank project team. A high level of technical and process expertise, both within the bank and in Steria’s consulting team, was a key success factor. Results and benefits Steria has provided Commerzbank with a fiscal processing system that is a powerful and future- oriented application for calculating and posting capital gains tax. It also enables the daily and period reporting of the tax-relevant processes.  At peak times just under 7 million transactions pass through the system and up to 4 million real- time tax calculations are carried our per day  Various interfaces are offered for other bank applications to use the tax calculation functions  Increased levels of automation in the system have reduced manual work and speeded up processing. As a next step, a system extension for automatic data exchange with the Central Federal Office for Taxes (BZSt) is currently being implemented. The Fiscal Processing System (FAS) is ensuring that Commerzbank is fully able to meet any additional or changing legislative requirements. Steria Mummert Consulting AG Hans-Henny-Jahnn-Weg 29, 22085 Hamburg Tel: +49 (0) 40 22703-0 For more information please contact: Mirko Weinert / mirko.weinert@steria-mummert.de Contact  www.steria.com About Steria Steria delivers IT enabled business services and is the Trusted Transformation Partner for private and public sector organisations across the globe. Founded in 1969, Steria has offices in Europe, India, North Africa and SE Asia and 2012 revenue of €1.83 billion. Over 20%(*) of Steria's capital is owned by its employees. Headquartered in Paris, Steria is listed on the Euronext Paris market. (*): including “SET Trust” and “XEBT Trust” (4.15% of capital) “The competence of the Steria employees is one of the key components for the successful development of the Fiscal Processing System at Commerzbank. With Steria as our partner we are able to achieve results-oriented solutions in the volatile withholding tax environment.” Thomas Feindt, Programme Manager, Commerzbank AG

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