UK Firm Launching Tax and Regulatory Software
Prospects in the UK financial technology sector continue to rise with a new firm focusing on taxes and regulatory software.
London has been dubbed the fintech capital of the world by some. Part of the reason the city received this honorary title is due to the willingness of the government to provide insight and beneficial regulation for fintech firms.
A firm called Xcordis is using these open regulations and access to information to launch a new tax and regulatory software, which has the ability to keep both individuals and governments honest and transparent about their taxes.
Xcordis has launched its Auto-Tax software product, which aims to increase efficiency in tax reports and to find and eliminate shady tax filings.
The firm says its product has full audit capabilities throughout the tax filing process. Part of the software has been designed to protect individuals from corruption in the government when filing their taxes. It can also be used to help distribute tax funds to the proper individual or departments by utilizing automatic payment systems.
Data collected from tax receipts and users will also be used to track government spending and tax returns to ensure that the government is spending public money efficiently and fairly.
The software was initially meant to service just the developed world, but Xcordis is now extending its product into the developing world as well. The firm has said that it will provide the product free of charge in poorer countries, while funding the program through money made from ventures in more wealthy nations.
“By gradually introducing the process, perhaps by industry vertical, rather than the big bang process, you can improve success rates until the old corrupt methods of collection are consigned to history,” said chief executive officer Robert Atkin.