At Comply Exchange, the firm claims its’ journey has been marked by relentless innovation and an unwavering commitment to excellence.
According to Comply Exchange, since its inception, it has been at the forefront of transforming tax information reporting, developing cutting-edge solutions designed to meet and anticipate the evolving needs of its clients.
The business’ journey began in 2009 with the launch of an automated, configurable tax technical rules engine. This innovation laid the groundwork for the sophisticated validation tools it offers today. A year later, the firm onboarded our first client, who benefitted from its advanced, real-time withholding rate calculators, adeptly handling complex structures across Private Equity and other markets.
2011 was a pivotal year due to the introduction of the Foreign Account Tax Compliance Act (FATCA). Keeping these developments in mind, the firm started beta delivery of early FATCA forms for client use and undertook its first full-scale client integration.
By 2015, the company had introduced an electronic self-certification process with dual-submission processing, simplifying the user experience significantly. This period also saw the introduction of various reporting mechanisms around FATCA and CRS reporting, UK CDOT reporting, and 1042-S & 1099 reporting.
By 2017, Comply Exchange was recognised for its form collection and validation solutions. Responding to client feedback, the firm expanded its functionality by building a secure Business Unit feature for data segregation and security across different subsidiaries and lines of business. The firm also integrated real-time TIN checking and introduced a feature to create and send forms for signature based on user-specific data points.
The innovation continued into 2019, when the firm unveiled the first AI-managed tax technical rule set in the market. In 2020, ComplyLite & ComplyPro were launched, integrating form collection/submission with CPE accredited training platforms. Following this, in 2021, the company introduced the first true mobile “mForms” application, making tax compliance accessible from mobile devices.
In 2022, the enterprise launched the Comply Wallet app, the first client-independent system featuring its embedded form submission application. This innovation provided a user-centric experience with features like form submission tracking and simultaneous multi-platform updates. The following year, Comply Exchange launched the Withholding Statement Extractor, revolutionising the way withholding statements are input, stored, and extracted.
As the company enters 2024, it remarks that its focus is on Comply Solid, enhancing user data-centric storage, and the introduction of AI tools to boost productivity, data validation, and report generation through the use of Copilots in its Admin application.
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