Tax Withholding Reconciliation
A European investment firm simplified its annual tax withholding reconciliation process with Maisa Digital Workers. The institution previously relied on manual comparison of fund data and counterparty certificates across multiple formats, a task that required significant time and specialized staff. Today, reconciliation is fully automated, with Maisa ensuring faster cycles, complete auditability, and minimal operational intervention.
Industry
Banking & Financial Services
Department
Corporate and Investment Banking
The Challenge
Tax withholding reconciliation is a complex process that requires comparing internal fund records with multiple counterparty certificates, each formatted differently. The task is usually carried out once or twice per year and consumes extensive time from highly skilled analysts.
At this firm, the reconciliation process was fully manual. Teams had to review hundreds of certificates, cross-checking dates, amounts, and tax categories across various systems. Inconsistent document structures, missing data, and human error frequently caused delays and discrepancies.
Without a centralized view, oversight and auditability were limited. Each fund required custom treatment, and progress was difficult to track, which made it hard to guarantee compliance and reporting accuracy.
The Solution
Using Maisa Studio, the firm deployed a Maisa Digital Worker to automate tax withholding reconciliation from data ingestion to final validation. Configured with natural language, the Digital Worker integrates with fund systems and counterparties to streamline every step of the process.
Automated Data Ingestion
Reads and parses incoming certificates from counterparties, regardless of format, and organizes them into a structured dataset for reconciliation.
Smart Matching Logic
Applies configurable criteria such as date, amount, and fund ID to match entries across systems with high accuracy.
Discrepancy Identification and Consolidation
Flags unmatched records, consolidates reconciled entries, and generates dynamic reports showing resolved and pending items.
Full Audit Trail
Produces structured outputs, including detailed audit logs and traceable Excel files that meet both internal and external reporting standards.
Incremental Processing
Supports ongoing reconciliation as new certificates are received, reducing bottlenecks and allowing continuous progress throughout the reporting cycle.
With Maisa, reconciliation has evolved from a once-a-year, resource-heavy effort into a continuously monitored process that delivers full visibility and control.
The Results
Accelerated Cycle
Reconciliation time dropped from weeks to days, enabling teams to meet deadlines with ease.
Full Auditability
All transactions are traceable, with clear records for matched and unmatched items across funds and counterparties.
Lower Operational Load
Automation drastically reduced manual effort, freeing specialized staff to focus on analysis and strategic reporting.
Scalable by Design
New funds and counterparties can be added quickly, allowing the system to adapt to future growth without additional development.
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