UnionPay International and VAT IT Reclaim Announce Global Cooperation
UnionPay International, the bankcard company serving the world’s largest cardholder base, announces today that it has established a global cooperation with VAT IT Reclaim, the largest VAT tax refund service provider in the world. Under the agreement, VAT IT Reclaim will provide cross-border tax refunds services for enterprise customers that hold UnionPay Commercial Cards.
By leveraging VAT IT Reclaims’ resources and 20 years of industry knowledge, UnionPay International is able to focus on expanding and developing its card services, significantly enhancing the user experience and financial benefits of UnionPay Commercial Card holders. The partnership aims to provide a one-stop solution for reducing costs on overseas business travel through VAT refunds, while improving card management efficiency too.
VAT IT uses industry-leading technology to automatically calculate a company’s VAT refund potential. VAT IT will offer a fully outsourced, end-to-end service to claim the VAT refunds.
With about 2,700,000 UnionPay Commercial Cards issued worldwide, the launch of this new VAT refund service enhances UnionPay International’s service capacity to our company clients worldwide.
‘’VAT IT Reclaim are extremely excited to announce our partnership with UnionPay International. The partnership brings together natural synergies that will enhance our Companies service offerings and ensure that tens of thousands of clients have access to significant cost savings. The partnership utilizes industry-leading technology platforms and a seamless integration, that will provide deep insights into VAT recovery potential of UnionPay Commercial Card holders, adding tremendous value to our mutual clients,’’ said Brendon Sliver, CEO of VAT IT Reclaim.
The new partnership results in the creation of new, innovative services for commercial cards, and represents the first step for VAT IT Reclaim and UnionPay International to strengthen their relationship and deliver integrated services for enterprise account holders. The cooperation ultimately aims to provide a one-stop solution for customers’ business expenses to reduce costs and improve management efficiency, whilst ensuring a seamless business travel experience for the UnionPay Commercial Card holders.