SunTec is enabling ZATCA integration for the top five banks in the KSA region
Riyadh, February 20, 2023: SunTec Business Solutions, the world’s #1 relationship-based pricing and billing software company, today announced that Riyad Bank, one of the largest financial institutions in the Kingdom of Saudi Arabia (KSA), has gone live with the Zakat, Tax and Customs Authority (ZATCA) integration for e-invoicing, deploying its SunTec Xelerate platform.
Along with Riyad Bank, SunTec is also working closely with the top five banks in the region to seamlessly integrate the e-invoicing solution with ZATCA’s platform (FATOORA) under Wave 2 E-invoicing. With this integration, banks will be able to generate simplified and standard e-invoices and share the digital invoices with the FATOORA portal for reporting, which in turn will be validated by the portal and returned with an acknowledgement status, thus, ensuring a compliant, tamper-proof, and a seamless invoicing process.
Amit Dua, President at SunTec said, “We are truly delighted to have implemented the e-invoicing regime and ZATCA integration at Riyad Bank. The SunTec e-invoicing solution seamlessly integrates with the bank’s existing IT systems and enables complete digital invoice management, while ensuring security, accuracy, and regulatory compliance. Our solution automates the entire invoicing process (and amendments), thereby reducing time and cost overheads. Our solution will further ensure that invoices are seamlessly reported to ZATCA.”
SunTec has a strong global experience in indirect taxation and digital transformation in the banking landscape. SunTec has implemented its indirect taxation product in more than 55 banks across the Gulf Cooperation Council (GCC) countries and India.
Zakat, Tax, and Customs Authority of the Kingdom of Saudi Arabia
The Zakat, Tax and Customs Authority undertakes to collect Zakat, taxes, and customs duties while achieving the highest level of taxpayer compliance possible in accordance with best practices.
The Authority is also responsible for organizing and managing all activities connected to ports and customs operations to achieve the highest level of compliance, productivity, and competitiveness. This aims to assist the Kingdom in developing into a significant global logistics hub by promoting trade and maintaining national security.
About SunTec:
SunTec is the world’s #1 relationship-based pricing and billing company. More than 150 clients in 45+ countries rely on SunTec to provide hyper-personalized products, offers, pricing, loyalty programs, and billing for over 400 million end-customers. SunTec products are based on our cloud-native and cloud-agnostic, API first, micro-services-based proprietary platform, SunTec Xelerate and are delivered on-premises, on private cloud and as SaaS. SunTec has global operations including the USA, UK, Germany, UAE, Singapore, Canada, Australia, and India. For more information, please visit us at www.suntecgroup.com or email us at marketing@suntecgroup.com
About Riyad Bank:
Riyad Bank is one of the largest financial institutions in the Kingdom of Saudi Arabia and the Middle East. Established in 1957, with a paid-up capital of SAR 30 billion.
We provide a comprehensive range of products and services fully compliant with the Islamic Sharia’ to meet the needs of both retail and corporate customers, including small and medium-size enterprises. We play a leading role in various areas of finance and investment around Saudi Arabia, that is why we are distinguished as a leading financier and arranger of syndicated loans in the oil, petrochemicals, and most of the Kingdom’s notable infrastructure projects.
We offer innovative and remarkable financing solutions through a network of 340 branches, and more than 138,511 POS, in addition to more than 2,542 ATMs well distributed in strategic & carefully selected locations around the Kingdom. And since global expansion is essential for some of our customers outside the Kingdom, a branch in London and offices in Houston (USA) and Singapore help in supporting the international banking needs of such customers.
Our electronic banking services (web-based and mobile applications) use the latest electronic technologies to address the banking needs of our customers with utmost ease, convenience and security.
For more information about Riyad Bank visit Riyad Bank