April 29, 2020
Thomson Reuters and Path Solutions enhance their strategic partnership with ONESOURCE centralized VAT solution
By combining the power of Thomson Reuters ONESOURCE’s best-in-class indirect tax solution certified by the UAE Federal Tax Authority, and Path Solutions’ Sharia-compliant iMAL Islamic Core Banking Platform, this strategic partnership—unique in the GCC market—offers banks and financial institutions with the tools to provide innovative and frictionless financial services and achieve seamless VAT management and compliance supported by globally-trusted tax content.
Corporations in the banking and financial services sector now have an opportunity to solve their most pressing challenges, remain competitive in a fast-changing environment, minimize manual effort and risk, and bring their VAT processes in line with international best practice.
“This powerful technology partnership supports ongoing digital transformation across core banking and indirect tax operations. By leveraging Path Solutions’ Sharia-compliant core banking platform iMAL and Thomson Reuters’ globally trusted ONESOURCE tax engine and content, banks and financial institutions have a future-proof solution that is both system agnostic and easy to scale up as required. Organizations will therefore be well-positioned to navigate the GCC’s fast-changing financial and tax landscape, while optimizing their total cost of technology ownership going forward”, explains Ramy Rayan, Senior Solution Consultant, Thomson Reuters. “Together, Thomson Reuters and Path Solutions look forward to building on this strategic partnership. We are evaluating further functionalities and we plan to continually expand the digital transformation capabilities we offer to the GCC’s financial services sector”.
“Thomson Reuters is excited about bringing the best of our market-leading ONESOURCE VAT solutions together with the market’s leading Islamic Core Banking Platform iMAL, to benefit our clients. We see great synergy between iMAL and ONESOURCE VAT Solutions, which accelerates our clients’ business efficiencies and optimises their VAT position” adds Mark Freeman, Director of Corporate Sales MAR, Thomson Reuters.
“We are delighted to continue to expand our partnership with Thomson Reuters to deliver best-in-class service and value to our clients through our core banking platform iMAL. Our regional banking clients will benefit from the partnership with Thomson Reuters’ ONESOURCE as clients continue to look at ways to solve complex VAT challenges through automation and getting a more effective tax rate”, adds Mohammed Kateeb, Group Chairman and CEO at Path Solutions.
About Thomson Reuters
Thomson Reuters is a leading provider of business information services. Our products include highly specialized information-enabled software and tools for legal, tax, accounting and compliance professionals combined with the world’s most global news service – Reuters. For more information on Thomson Reuters, visit thomsonreuters.com and for the latest world news, reuters.com.
About Path Solutions
Path Solutions is a global leader in next-generation Sharia-based software development and implementation, consulting, support, training, and outsourcing services. We enable clients in more than 40 countries to stay a step ahead of emerging industry trends and outperform the competition. We help them transform and thrive in a fast-changing world by implementing bespoke and breakthrough solutions including digital and mobility that combine strategic insights and business capabilities enabling data-driven decisions that are crucial to propel their business forward. For further details, go to https://www.path-solutions.com
Regional Marketing Lead
Manager - Corporate Communications
Global Corporate Communications & Marketing Department