China Bank’s tax payment system wins award – Manila Bulletin

China Banking Corporation’s Easy Tax Filing & Payment solution (Easy Tax) won first prize in the Regtech category at the PAY360 Awards recently held in London, UK.

The PAY360 Awards (formerly the Emerging Payments Awards), hosted by The Payments Association, the world’s largest payments community, celebrates innovation and collaboration by recognizing companies that have made significant progress in payments.

Regtech, also known as regulatory technology, is a class of software applications for regulatory compliance management to help businesses comply with regulations in an efficient and less costly manner.

Easy Tax beat other regtech finalists from other countries: B3, W2 Global Data, Rivero, Know Your Customer and ConnectPay.

“We are honored to be recognized by leaders in the UK payments industry. We are proud of China Bank’s strong cash management solutions that streamline liquidity, disbursement and collection processes for our customers,” said Domingo Dayro, Jr., Head of Cash Management, China Bank.

He noted that improvements are underway to further improve Easy Tax, including expanding the coverage of BIR tax forms to include donor tax.

Designed specifically for real estate developers and real estate companies, Easy Tax is the first and only automated tax filing and payment system of its kind in the Philippines.

It is an innovative solution that makes dealing with the Bureau of Internal Revenue (BIR) for taxes related to the sale of real estate faster, easier and safer.

Since its launch in 2018, Easy Tax has been helping the Bank’s real estate clients streamline the process and shorten processing times for tax documents, resulting in significant cost savings.

For China Bank, Easy Tax has increased process efficiency and commission revenue, and helped attract and retain customers. Almost all major real estate companies in the country use Easy Tax.

“This year’s winners are a testament to the wealth of talent across the payments community. We will continue to encourage all influential payments companies that aim to benefit everyone and exceed expectations, regardless of size,” said Tony Craddock, CEO of the Payments Association.

Easy Tax was also recognized earlier this year by Asian Banking & Finance, along with another of China Bank’s cash management solutions, Direct Debit Arrangement, as the best digital banking initiative for businesses.

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Elaine R. Knight