Success Story: Openbank

Openbank, the largest 100% digital bank by deposits and investment volume and part of the Santander Group, complements its service with products from leading outsourcing and services company AlphaTax.

Openbank, which originally started more than 25 years ago as a telephone assistance service for its customers in Spain, has now become an innovation and development project that offers cutting-edge services to more than one and a half million people around the world.

In 2019, the services were launched in Germany, the Netherlands and Portugal, which created the need to complement financial services in the new markets with AlphaTax's products.

AlphaTax S.a r.l. in Echternach (Luxembourg) is the leading company for the creation of qualified tax reports in the outsourcing sector - for almost 40 jurisdictions.

With the self-developed, modular software, AlphaTax can very flexibly implement new country modules as well as work out the tax law changes to the existing modules for the next reporting year. In this way, the company provides its customers - primarily credit institutions and online commercial banks - with around 400,000 individual tax reports annually for their international private customers. For this, AlphaTax only needs a few anonymized raw data in electronic form. Regardless of which country module is to be created: the data extract is always the same. Once the interface has been implemented, the bank no longer needs to adapt the process.

The AlphaTax employees have many years of professional experience in the financial world and know exactly the expectations of their customers. Not only their detailed knowledge of financial products and bank booking systems, but also their in-depth knowledge of national tax law in a wide range of jurisdictions makes them real specialists and perfect contacts for their customers. In addition, AlphaTax has been working closely and trustingly with external consulting companies from the respective tax domiciles for many years.

Who can meet the high demands?

AlphaTax has a good reputation on the market and stands for a good and reliable product that is created in collaboration with well-known consultants and in-house software.

In the search for a service provider who is able to offer sophisticated tax reporting for a large number of customers in the target markets specified by Openbank, a good and trusting relationship was built with AlphaTax.

The Challenge

After Openbank was convinced that AlphaTax delivers a comprehensive and high quality product compared to its competitors, the next steps were taken.

The aim was to offer tax reporting for the German, Netherlands and Portuguese markets from the next tax period onwards that corresponds to the tax requirements in the respective countries.

A project group was put together that overcame the technical and professional hurdles within a very short time using a competent and cooperative style.

The success

After implementing the processes and various test runs, those involved in the project from Openbank and AlphaTax were able to introduce the solution on time. The introduction of the solution and the uncomplicated approach to each other strengthened the collaboration and led to follow-up productions.

The tax reports offer excellent quality and are easy to understand, so that taxpayers can prepare their tax return safely, completely and correctly.

AlphaTax is directly available to OpenBank for all questions relating to tax reporting and supports customer service so that taxpayers' questions can be answered at any time.