The Future of Financial Services Part 1

  • Read about some of the up-and-coming fintech companies that are ready to set the world alight in this e-guide.
  • Learn who they are, what they do and where they came from.
  • "The software acts just like an intelligent, educated accountant or lawyer."

The fintech industry is made up of many small but fast-growing companies, most of which are only known to a niche group of people. Just to confuse onlookers further, these companies might be part of a fintech subgroup like regtech or insurtech. But beyond the buzzwords and marketing spiel, the business-to-fintech industry offers businesses a wide range of products and services, which often help reduce costs and make them more effective.

Read about some of the up-and-coming fintech companies that are ready to set the world alight in this e-guide. Also you will get more information in The Future of Financial Services Part 2

As governments around the world try to get people to pay their taxes, global regulations have been set on all financial institutions, enforced by tax authorities.

The fintech interview: Part 1 Taina Technology

But who are these companies?

In this series I hope to explain who they are, what they do and where they came from.

In this edition meet Taina Technology, a company in the regtech category. It helps financial services companies meet their daunting tax regulatory requirements through automation technology. This is done through the company’s Fully Automated Tax Form Validators (who said fintech is exciting?) It can read, understand and process tax documentation.

In the UK alone billions of pounds worth of tax goes unpaid due to errors as well as evasion. As governments around the world try to get people to pay their taxes, global regulations have been set on all financial institutions, enforced by tax authorities.

The burden on finance firms and the amount of paperwork required makes this a daunting task. It is difficult to automate the checking of paperwork.

“The software acts just like an intelligent, educated accountant or lawyer. It goes through the forms, cross checking, coming out with a classification and then preparing a report for the tax authorities.”

Taina Technology’s tax validation software can read tax forms in an intelligent way. Its core value add is taking the manual work out of reading and checking the hundreds of millions of tax forms in the finance sector.

It then cross checks the financial organisations own data against other public data, such as that held by tax authorities and stock exchanges. It then makes decisions on how to classify the customer. All this happens in seconds.

Maria Scott, CEO and founder at Taina Technology, said “the software acts just like an intelligent, educated accountant or lawyer. It goes through the forms, cross checking, coming out with a classification and then preparing a report for the tax authorities.”

In the past all forms would have been sent to an accountancy firm with a charge per form, but Taina’s software means they no longer have to do this.

It also makes things easier for the customers of the finance firms. In the past they would fill in paper forms but through Taina they can use an online interface. This gives them guidance, cuts errors, and eliminates frustration. The form is not sent until it is correctly filled in.

Taina Technology has 10 full-time employees but serves customers with tens, even hundreds of thousands of staff. I came in contact with the company when it was chosen to be part of a Tech Nation fintech programme.

Scott was a lawyer with 15 years in practice, and like many startup founders it was her experience as a lawyer in financial services, and the problems she faced doing her job, that inspired her to find a better way.

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