Best Effects Bank Introduces Beorg Smart Vision Cloud Solution

2021: Beorg Smart Vision Implementation

Best Effects Bank, which provides brokerage companies with services for access to the Russian and international markets, is developing a digital ecosystem for convenient and quick work with partners. In 12 days, the bank introduced the Russian cloud solution Beorg Smart Vision to automate the process of digitizing and checking fields in the W-8 BEN questionnaires - individuals fill out these documents in order to pay not 30%, but 13% tax on dividends on shares of American companies. This was announced on October 14, 2021 by Beorg.

Best Effects Bank uses the cloud platform of the resident company Skolkovo"" to automatically process up to 50,000 thousand W-8 BEN questionnaires monthly. In case of detected errors, the bank instantly returns the forms to the brokers for revision.

Thanks to the cloud service from Biorg, we get verified data in our system day-to-day even during peak load periods. We are pleased with the stable quality and the ability to quickly reconfigure the system in accordance with our internal tasks, said Galina Maltseva, Deputy Chairman of the Management Board of Best Efforts Bank. - We pay serious attention to automation of routine procedures related to processing of large volumes of documents. To do this, we choose solutions that guarantee results even when uploading data from different sources. We always try to help our partners - brokers, when something goes wrong on their side, we connect our own IT department for this.

Long registration of W-8 BEN questionnaires is a problem for individual investors. An unregistered document on time is an increased tax on dividends on shares of American companies: 30% instead of 13%. The reason for the delays in processing may be the lack of automation or malfunction of the document flow on the side of the brokers, the unloading of data from different systems and the banal errors made by the client himself when filling out the fields.

Biorg provides a service to recognize and verify data in W-8 BEN questionnaires in a continuous mode, flexibly adjusting the system to the current internal tasks of the business customer, uses its own team of developers and analysts for this.

We managed to launch the project in just 12 days - thanks to the flexibility of our cloud platform and the coordinated work of the IT teams Biorg and Best Effects Bank. We thank our partners for their trust and look forward to further fruitful cooperation. It is very important that the B2B cloud solution ultimately serves to protect the interests of individuals participating in the stock market who receive direct benefits from preferential taxation, "said Georgy Zuev, founder of Biorg.