Client Stories

Creating a step change in client tax services

How Northern Trust saves $1million per year by increased tax relief at source, has simplified tax reclaim and documentation processes, and the positive impact on the client experience


Complex, high manual processes to administer tax documentation

Northern Trust’s tax reclaims and documentation process was largely manual, with a high number of staff required to keep the process running. The process was highly complex, with Northern Trust having to send the right documentation to clients, match incoming documents to the correct client details, and then file tax reclaims on their behalf.

  • Manual processes required a large team to support and maintain effectiveness
  • Clients received little guidance or support to complete the documents
  • Lack of management information meant client teams passed queries to the tax team
  • No diary system for time sensitive documents


Integrated tax processing and document management

Xceptor Tax Solution was integrated with existing business processes and systems, allowing for detailed analysis whilst supporting functionally-rich capabilities.

  • Configured to automatically process over 6,400 business rules
  • Dashboards and reports provide oversight capabilities for management, and client servicing capabilities to relationship managers
  • Detailed analysis, including client entity type and markets of investment
  • Diaries and chaser functionality ensure accurate and timely reporting


  • $1m cost saving per year - Northern Trust estimates it saves in the region of $1m per annum by increased relief at source, where no cost is incurred form the outset and the overall volume of tax reclaims is reduced
  • Improvement in client servicing - Relationship managers now empowered to service clients with any query immediately researched and resolved via desktop in any global location
  • Increase in productivity - With the intensive manual workload reduced, operational users can now concentrate on value-add activities
  • Operational risk reduced - Disparate systems are now fully integrated and available through a single application

The implementation of Xceptor has made a step change in client service and has reduced risk inherent in the delivery of a tax reclaim service. The documentation module is the first of three components which will form a state of the art global tax platform for Northern Trust’s Asset Servicing business.

Steve Quigley
SVP, Global Head of Income and International Tax Group, Northern Trust

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