Innovative digital brokerage to use the industry’s first end-to-end tax solution from Scivantage for accurate and timely delivery of tax information
Scivantage®, a leading SaaS provider of Cost Basis, Information Reporting and Digital Wealth Management solutions announced today that DriveWealth, LLC, an innovator in digital broker solutions, has selected Maxit E2E to provide automated cost basis reporting and complete end-to-end tax reporting to its brokerage clients.
DriveWealth will leverage the Maxit end-to-end tax platform (Maxit E2E) to provide all of the tax information essential to meet the reporting requirements to produce IRS 1099 forms for its clients.
Maxit E2E is the only solution in the financial services marketplace to provide its clients a one-stop-shop for all information reporting needs, including cost basis reporting, form composition, digital and print fulfillment, withholding, 305c, 871m, hosting and managed services. Maxit E2E simplifies the tax reporting process allowing firms to focus on their core business without the cost and distraction of managing multiple vendors and large operations teams.
“We are excited to be trusted by DriveWealth to fulfill all of its information reporting requirements,” said Cameron Routh, Chief Commercial Officer, Tax & Analytics at Scivantage. “As a pioneer in bringing digital access to the U.S. securities market for investors around the world, DriveWealth has complex reporting requirements. The Maxit E2E solution combines proven technology, processes and decades of tax experience, to deliver a solution that eliminates the burden of the tax reporting process for DriveWealth. By partnering with Scivantage to assume responsibility for the entire information reporting process, DriveWealth can focus its attention on expanding its leadership in the digital brokerage industry and continue to transform the brokerage experience.”
DriveWealth, which launched its patent-pending real-time fractional share trading capabilities in 2016, was founded with the mission to democratize investing in the U.S. stock market by making it available to everyone, globally, at an affordable cost. Feature by feature, DriveWealth has eliminated many of the barriers investors typically encounter with legacy brokers, creating its own proprietary infrastructure that allows investors to purchase securities without minimum account balances, high transaction costs or full share quantities. Today, DriveWealth provides this innovative investing technology and its own customizable suite of application programming interfaces to partners all over the world, allowing investors everywhere to gain access to the highly stable, liquid and regulated U.S. stock market with a fully accessible, straightforward user experience.
DriveWealth CFO Michael Dugan said, “Providing reliable and timely tax information to our customers is critical to our business. We selected Scivantage for its seamless, streamlined, fully integrated solution to our tax service needs, which covers everything from cost-basis reporting to forms preparation. This allows us to focus on our core business: delivering leading-edge digital offerings to investors. The ability to rely on a single vendor and the benefit of more tightly integrated data was very appealing to us.”
The Maxit E2E SaaS solution is designed around a purpose-architected tax warehouse, offering a tightly integrated set of functional modules and processes needed to comply with reporting requirements under a single umbrella. It is supported by managed services to reduce the burden of tax processing on back-office operations teams.
DriveWealth Holdings, Inc., wholly owns DriveWealth, LLC, a member of FINRA and SIPC. DriveWealth, LLC is a licensed carrying and self-clearing broker offering digital brokerage solutions to broker-dealers, financial advisors and online partners worldwide through its proprietary investment platform. DriveWealth delivers access to the U.S. securities markets along with an array of digital products that power both emerging and established financial companies. For more information, please visit DriveWealth.com.
Scivantage® is a SaaS provider of full End-to-End Tax solutions (including Cost Basis and Information Reporting) and Digital Wealth Management solutions. With proven expertise in online brokerage, tax and portfolio reporting, and wealth management platforms, Scivantage delivers intelligent and actionable information that goes beyond the boundaries of traditional financial software, helping improve investment decisions. Leading financial institutions, including broker-dealers, mutual fund companies, bank custodians, trust and prime brokers, depend on Scivantage’s cloud-based technology to achieve critical business insights, generate new revenue and build stronger customer relationships. For more information, please visit https://www.scivantage.com or contact us at +1.646.452.0050.