Open Banking: Hypothekarbank Lenzburg AG integrates new tax model from TaxLevel AG into core banking system Finstar


With the TaxLevel tax solution, another module is integrated into the Finstar® core banking system via the open banking interface. Hypothekarbank Lenzburg AG customers are the first to benefit from the new tax statements.

Hypothekarbank Lenzburg AG and Zurich-based fintech TaxLevel AG have signed a collaboration agreement: As of the end of 2018, the Fintech's tax solution will be connected to the core banking software Finstar® via the award-winning open banking interface. This will enable Finstar banks to provide their private and institutional clients with tax statements in accordance with Swiss as well as other international tax legislation. With this innovative module, TaxLevel AG ensures maximum transparency in tax matters in the sense of service provision. As one of the first Finstar banks, Hypothekarbank Lenzburg AG and a Basler private bank benefit from the targeted extension of the core banking software Finstar®.

Consistent data for specific evaluations

With its tax solution, TaxLevel AG takes a novel approach: as an actual data refiner, the fintech consolidates tax-relevant transaction and position data from various internal and external bank sources. Sensitive customer data is only added at the bank. The Fintech thus provides a basis of consistent data that allows specific analyses at the push of a button. In the next stage of development, bank advisors will be able to create forward-looking tax calculations for their customers and determine the tax consequences of transactions. At the same time, TaxLevel AG's concept allows for the efficient creation of tax statements of different countries and tax legislations on the basis of inconsistency-free data - taking into account the data history. Overall, the tax module ensures maximum transparency and plausibility in tax matters for the benefit of all Finstar banks. Currently, the technical integration via the Finstar® open banking interface is underway. The first project phase will be completed at the end of 2018. The tax statements for the current year can thus already be produced on the basis of the extension with TaxLevel AG and handed over to the bank customers.

Up-to-date tax statements at any time at the push of a button

With the integration of the TaxLevel AG tax module, Hypothekarbank Lenzburg AG is specifically expanding its Finstar® system. For example, customers of Hypothekarbank Lenzburg AG benefit from the functional expansion of the platform in the form of a new Swiss tax statement. "With the solution, we comply with all current national and international regulatory requirements," summarizes Marianne Wildi. The CEO of Hypothekarbank Lenzburg AG continues, "At the same time, we are supplementing this regulatory obligation with a banking freestyle by giving advisors the ability to provide their clients with forward-looking support in tax and other matters and to make even more informed decisions." With the integration of its solution into Finstar®, TaxLevel AG's work is not over. The vision goes further, Wolfgang Millat is already looking ahead: "In the future, it will be possible for bank customers to determine the current tax statements for each tax domicile at the push of a button based on their data." The CEO of TaxLevel AG on the reasons: "In this way, we are taking into account the requirements of more complex asset structures as well as the constantly changing tax legislation and the generally increasing mobility with changing or temporary domiciles".