Taina Technology

From Wikitia
TAINA Technology
Type
Private
IndustryRegulatory Technology
Founders
  • Maria Scott
maria-scott.org
Headquarters
London, England
Area served
Clients globally, Presence in the UK, US and APAC
Websitetaina.tech

TAINA Technology is a Regulatory Technology (RegTech) company specializing in providing tax compliance software solutions for financial institutions, their service providers (Big 4, fund administrators, transfer agents), share plan managers, crypto and the gig economy.

The company develops innovative software solutions designed to streamline and automate regulatory compliance with tax regulations such as the IRS’s Foreign Account Tax Compliance Act (FATCA) and Qualified Intermediary (QI) regulations, the OECD's Common Reporting Standard (CRS) and Crypto-Asset Reporting Framework (CARF) regulations.

TAINA is known for its FATCA and CRS Validation Platform, which incorporates advanced capabilities in customer tax due diligence, tax form validation and withholding tax calculations.

TAINA has developed its own proprietary Optical Character Recognition (OCR) solution with a focus on tax documentation.

TAINA stands for Tax Artificial Intelligence Network Agent.[1]

Overview[edit]

TAINA Technology was founded to address the increasing complexities in tax compliance that financial institutions face globally. Its mission is to transform the burden of tax compliance into a competitive advantage for its clients.

The company's flagship product is a comprehensive FATCA and CRS Validation Platform designed to help financial institutions, including fund administrators, investment managers, transfer agents, share plan managers, as well as crypto and gig economy companies, automate key processes. These include client onboarding, tax document review and validation, client classification for tax reporting, withholding tax calculations, and other essential data management tasks.[2] [3]

The TAINA platform assists these organizations in meeting their compliance requirements, while reducing costs, minimizing operational and audit risks and significantly improving the ultimate customer experience.

History[edit]

TAINA Technology was founded by Maria Scott. Prior to starting TAINA, Maria Scott was an experienced tax lawyer who worked in the financial industry. The idea for the company originated from her experience within the industry, and recognition of the growing challenges financial institutions faced due to the constantly evolving tax compliance requirements and shrinking budgets. Her personal mission was to empower tax professionals to be business enablers rather than a cost centre, whereby they could improve customers’ experience, reduce costs and tax risks of their firms. She is a member of the Forbes Technology Council.[4] [5] [6]

Products and Services[edit]

TAINA Technology offers several products and services designed to streamline tax compliance processes for financial institutions and financial services companies. These include:

1. Tax Validation Platform[edit]

TAINA’s flagship product is a digital platform that automates the collection and validation of tax forms (such as W-8, W-9, and CRS Self Certification forms) required for FATCA and CRS compliance. The platform uses advanced technology to ensure that all forms are accurately validated, reducing the risk of non-compliance with tax regulations.[7]

This validation platform can be accessed through APIs or via TAINA’s UI.[8]

2. Withholding Tax Calculations Engine[edit]

TAINA’s Withholding Tax Calculations Engine is a system used by financial institutions to automate the calculation of withholding tax rates, reducing the need for manual intervention by tax operatives. It utilizes classifications and elections made on W forms, including U.S. tax treaty information, to generate a static list of withholding rates, categorized by payment type.[9]

3. Multi-tier Intermediary Management Tool[edit]

TAINA’s Multi-tier Intermediary Management Tool offers advanced withholding statement capabilities, including the ability to process and edit industry-standard statement formats and visualize intermediary relationships through a tree structure. It allows for the creation and export of withholding statements with validated W forms, packaged into a W-8IMY format for custodians.[10] [11] [12]

4. Accounts Payable Processing[edit]

TAINA is expanding its platform to include accounts payable processing, in collaboration with Big 4 firms and industry input. This new offering applies the platform’s form validation capabilities and other features to the accounts payable domain, streamlining tax documentation and accounts payable workflows.[13]

Innovation and Technology[edit]

1. Artificial Intelligence (AI) and Machine Learning (ML)[edit]

TAINA Technology leverages artificial intelligence and machine learning. These technologies help automate complex tasks such as form review, data extraction, and error detection, significantly reducing manual intervention and operational risk.[14]

2. API Integrations[edit]

TAINA’s products are designed to integrate easily with existing systems and workflows, offering flexibility and customization based on the unique needs of each client. The company provides APIs to facilitate seamless integration with financial institutions' existing tax compliance infrastructures.[15]

3. Cloud hosting[edit]

TAINA offers both cloud-based and on-premise solutions, allowing clients to choose the deployment model that best suits their security, regulatory, and operational needs.[16]

Key Investors[edit]

  • HSBC Asset Management [17] [18]
  • Deutsche Bank CVC [19] [20]
  • Anthemis Group [21] [22]
  • SIX FinTech Ventures: (Rebranded as Tenity) [23] [24]
  • Vin Murria
  • Joo Hee Lee [25]

Strategic Advisory Board[edit]

Culture and Diversity[edit]

TAINA is in the minority of female founder fintech firms with it’s board and ownership being majority controlled by women investors and operators. The founder/CEO is a mother of two girls on a mission to empower the next generation of female leaders. [26]

TAINA Founder and CEO Maria Scott was recognised in the 2022 Innovate Finance FinTech Power List in Senior Leaders Category for her efforts in driving forward change within the FinTech space and helping support others in progressing their careers.[27]

TAINA Investors won the Best Female Led Investment in Innovation in the UKBAA 2019 Angel Investment Awards.[28][29]

References[edit]

  1. ↑ Fintech Global. (2021, May 13). How Taina became a best-in-class RegTech. Retrieved from [1]
  2. ↑ The Wealth Mosaic. Taina for fund administrators, share transfer agents, and managed service providers. Retrieved from [2]
  3. ↑ The Wealth Mosaic. Taina for traditional financial institutions. Retrieved from[3]
  4. ↑ Computer Weekly. (n.d.). The fintech interview: Part 1 - Taina Technology. Retrieved from [4]
  5. ↑ Maria Scott. Maria Scott's personal website. Retrieved from [5]
  6. ↑ Fintech Global. (2022, September 29). Taina CEO Scott accepted into Forbes Council. Retrieved from[6]
  7. ↑ Taina Technology. FATCA/CRS validation platform. Retrieved from[7]
  8. ↑ RegTech Analyst. Taina unveils innovative Form API to enhance compliance and user integration. Retrieved from[8]
  9. ↑ Taina Technology. Withholding tax. Retrieved from[9]
  10. ↑ RegTech Analyst. Addressing the challenges of intermediary structures in tax operations. Retrieved from[10]
  11. ↑ Taina Technology. Create and validate intermediary structures. Retrieved from [11]
  12. ↑ Fintech Global. (2024, August 2). Standardising withholding statements: Taina’s role in transforming financial practices. Retrieved from[12]
  13. ↑ Taina Technology. Industry vendor tax. Retrieved from [13]
  14. ↑ World Finance Council. Taina Tech redefines tax compliance: A leap forward in financial innovation. Retrieved from [14]
  15. ↑ RegTech Analyst. Taina unveils innovative Form API to enhance compliance and user integration. Retrieved from[15]
  16. ↑ Taina Technology. On-premise deployments or SaaS: Trends and how to choose. Retrieved from[16]
  17. ↑ PR Newswire. (n.d.). Top-tier financial institution clients continue to invest in Taina. Retrieved from [17]
  18. ↑ Fintech Global. (2021, October 28). RegTech Taina backed by HSBC and Deutsche Bank in significant funding raise in RegTech. Retrieved from[18]
  19. ↑ PR Newswire. (n.d.). Top-tier financial institution clients continue to invest in Taina. Retrieved from [19]
  20. ↑ Fintech Global. (2021, October 28). RegTech Taina backed by HSBC and Deutsche Bank in significant funding raise in RegTech. Retrieved from[20]
  21. ↑ PR Newswire. (n.d.). Top-tier financial institution clients continue to invest in Taina. Retrieved from[21]
  22. ↑ Fintech Global. (2021, October 28). RegTech Taina backed by HSBC and Deutsche Bank in significant funding raise in RegTech. Retrieved from[22]
  23. ↑ PR Newswire. (n.d.). Top-tier financial institution clients continue to invest in Taina. Retrieved from [23]
  24. ↑ Fintech Global. (2021, October 28). RegTech Taina backed by HSBC and Deutsche Bank in significant funding raise in RegTech. Retrieved from[24]
  25. ↑ [https://www.telegraph.co.uk/women/business/meet-women-breaking-investment-gender-gap-supporting-women/
  26. ↑ Forbes. (2024, March 18). Empowering female leaders of the future will create a better world. Retrieved from[25].
  27. ↑ Innovate Finance. Women in FinTech Powerlist 2022. Retrieved from[26].
  28. ↑ UKBAA. (2019, July 3). UKBAA 2019 Angel Investment Awards winners announced. Retrieved from[27].
  29. ↑ UKBAA. 2019 Award winners. Retrieved from[28]

External links[edit]

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Categories: [Regulation of technologies] [Companies based in London] [Development software companies]

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