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Manila Bulletin devider Business devider China Bank's tax payment system wins award

China Bank's tax payment system wins award

Published Oct 30, 2022 08:10 pm

China Banking Corporation’s Easy Tax Filing & Payment Solution (Easy Tax) has won the top award in the Regtech category at the PAY360 Awards held recently in London, UK.

The PAY360 Awards (formerly, the Emerging Payments Awards), hosted by The Payments Association, the largest community in payments, celebrates innovation and collaboration by recognizing companies that have made significant advances in payments.

Regtech, also known as regulatory technology, is a class of software applications for managing regulatory compliance to help businesses comply with regulations efficiently and less expensively.

Easy Tax beat other regtech finalists from other countries: B3, W2 Global Data, Rivero, Know Your Customer and ConnectPay.

"We are honored to be recognized by the leaders of the UK payments industry. We take pride in China Bank’s robust cash management solutions that streamline our customers liquidity, disbursement, and collection processes," said China Bank Cash Management Head Domingo Dayro, Jr.

He noted that enhancements are underway to further improve Easy Tax, including expanding the coverage of BIR Tax Forms to include Donor's Tax.

Designed specifically for real estate developers and property firms, Easy Tax is the first and only automated tax filing and payment facility of its kind in the Philippines.

It’s an innovative solution that makes transactions with the Bureau of Internal Revenue (BIR) for taxes related to the sale of real estate properties faster, easier, and more secure.

Since its launch in 2018, Easy Tax has been helping the Bank’s clients in the real estate industry streamline the process and shorten the turn-around-time for tax document processing, resulting in significant cost savings.

For China Bank, Easy Tax increased process efficiency and fee revenues and helped attract and retain clients— almost all of the major real estate companies in the country are using Easy Tax.

“This year’s winners demonstrate the rich talent across the whole payments community. We will continue to embolden every influential payments company that aims to benefit everyone and exceed expectations, no matter the size,” said The Payments Association Director General Tony Craddock.

Easy Tax was also recognized earlier this year by the Asian Banking & Finance, along with another of China Bank’s cash management solutions, Direct Debit Arrangement, as the Best Digital Business Banking Initiative for Business Customers.

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