Welcome to RTpay

Comprehensive solutions for e-commerce merchants trading internationally

The change in EU regulations for the settlement of VAT on digital goods and services from January 2015 is causing confusion and risk for many merchants. Given the shortness of time available before this new regulation comes into effect, merchants and auditors need to have a reliable solution that can handle the new requirements in an efficient, cost-effective and simple-to-manage system.

E-VATRTpay has a software solution that can manage conversion between currencies for merchants both within and outside of the EU and the Eurozone, while KPMG has considerable experience and expertise in tax management. Together there is an opportunity to create a system that will enable a merchant to offer a superior product to EU consumers, while relieving that merchant of most of the obligations involved in calculating and settling the due VAT to the correct Tax Authority.

While this change in the way in which VAT is applied is initially only for the relatively low volume sales involved in digital goods and services, it is anticipated that it will also be extended to include physical goods as a second stage of implementation. Outside of the EU, there is every chance that other countries will also follow this consumer-centric model for their VAT and sales tax collection policies.

The RTpay system is designed to handle:

  • Pricing the product at the appropriate price, including VAT, based on the buyer’s home location.
  • Converting and displaying the total price in the buyer’s home currency, while guaranteeing that the merchant will receive its full asking price in its own home currency.
  • Preparing and submitting all VAT returns in the correct currency for up to 28 tax authorities.
  • Managing refunds in real time and at no additional cost to the merchant.
  • Recovering any reclaimable VAT for the merchant from other transactions wherever possible.

Merchants will be required to undertake only small changes to their systems, primarily integrating with the RTpay API to identify and intercept each customer request and switch them to the reseller system. In return, they will benefit from the huge advantage of being able to sell to the worldwide market without the risk of considerable expense from the misfiling or incorrect calculation of the correct amount of VAT.

Contact RTpay for further details on how we can be of help.

Real-Time Solutions for Remittances, Benefits and Government Payments

RTpay is a not for profit organisation which actively promotes and helps develop innovative Real Time solutions using modern, tried and tested, Real Time technologies.

We work with governments, tax authorities, fraud analysis and transaction specialists, credit card companies and banks to create Real Time solutions and approaches for national and international information and financial transfers.

Digital Payments, Transfers and Remittances

A joint report by the World Bank Development Research Group, the Better Than Cash Alliance, and the Bill & Melinda Gates Foundation to be submitted to the G20 Group emphasises the importance of digital payments, transfers and remittances for the G20 goals of broad-based economic growth and financial inclusion.

Global RemittancesThe report urges strong action by G20 countries and other stakeholders to ensure that G20 policy objectives in the key areas of financial intermediation and increasing efficiency of and access to payment, savings, insurance, and credit services are achieved.

Identifying a sharp reduction of costs and increased transparency of remittances as a key factor in achieving these goals, the report also identifies regulatory difficulties as a crucial barrier in achieving financial inclusion and fairness in cross-border person-to-person payments.

The report urges the G20 to create an enabling environment that fosters private-sector innovation, to encourage new business models to address the critical concerns that confront regulators, including anti-money laundering and counter financing of terrorism (AML/CFT), and to encourage governments and regulators to take on board the guidelines produced by The Financial Action Task Force (FATF).

At RTpay we advocate the introduction of a global real-time system that will facilitate cross-border person-to-person remittances, using sophisticated monitoring and fraud checking to ensure that identities are verified and FATF guidelines adhered to so that regulation can be applied with a lighter touch.

Furthermore, by offsetting the foreign exchange costs associated with these remittances – often vital in ensuring the economic well-being of immigrant workers’ families back home – against purchases by higher net worth individuals in developing countries, the overall cost can be brought down to well below the G20’s stated target of under 5%.

Contact us for more information on RTpay’s proposals.

For the full report to the G20, see http://www.gatesfoundation.org/~/media/GFO/Documents/What%20We%20Do/G20%20Report_Final.pdf


Real Time tax collection

The advantages of Real-Time collection can be applied not only to indirect taxes such as VAT but equally to a range of other national and international central financial collection and distribution systems, including PAYE and Benefits Payments.

Tax collection ratios can be significantly improved if electronic transactions are processed using a coherent, coordinated and centralized system, particularly if due tax can be collected during the course of the payment.

With efficient tax collection leading to greater tax revenue, it becomes more feasible for benefits to be paid, infrastructure to be improved and sustainable capacity building to be achieved – and financial inclusion can become part of every citizen’s opportunity.

The RTpay Central Server System

RTvat is working proactively with a number of governments and organisations to develop systems which are efficient, effective and resistant to fraud.

Working with tax authorities and tax organisations worldwide

RTpay are proactive in working with national and international groups to support the use of innovative technology solutions in tax collection. We provide technical expertise, consultancy and application solutions on a not-for-profit basis.