GBST has signed an original equipment manufacturer (OEM) agreement with SAP (NYSE:SAP).
Through the agreement, GBST will integrate and offer the in-memory computing capabilities of the SAP HANA® platform with its financial transaction tax product, GBST Syn~FTT. The bundled solutions are expected to allow investment banks and stockbrokers to process equities trades in compliance with the European financial transaction tax, which is active in France and Italy and expected to be implemented by 10 European countries effective 1 January 2016.
GBST’s chief executive officer, capital markets, Denis Orrock said: “The SAP HANA platform enables GBST’s financial transaction tax product to deliver exceptional performance. We anticipate that this will allow capital markets participants to manage tax payment and compliance across multiple countries and jurisdictions, supporting approved netting for tax purposes and centralised reporting. Through integration with the SAP HANA platform, we will be able to roll out Syn~FTT internationally.”
“SAP welcomes GBST as an OEM partner, extending the reach of its Financial Transaction Tax solution via integration with SAP HANA,” said Andy Hirst, vice president, Banking Solutions, SAP. “GBST’s Syn~ FTT bundled with SAP HANA will address a pressing need for compliance solutions to meet the roll out of this tax across Europe.”