Case study
United Missouri Bank streamlined compliance using ONESOURCE tax information reporting (OTIR)
How UMB Financial replaced a hands-on legacy process with automated tax reporting, on-demand form delivery, and a compliance partner that stays ahead of IRS mandates
Introduction
United Missouri Bank (UMB), headquartered in Kansas City, Missouri, serves a diverse customer base from individual account holders to large corporations. As UMB expanded, its legacy in-house tax reporting process became increasingly cumbersome, requiring manual file handling, in-house printing, and physical mailing of 1099 forms.
Thomson Reuters® ONESOURCE Tax Information Reporting (OTIR) provided UMB with the automation, efficiency, and control it needed to keep pace with regulatory change and rising customer expectations.
6+
Years UMB has used ONESOURCE OTIR
Instant
Tax form access for customers via bank portal API
2023
Tax year ONESOURCE was ready for IRS Form 1042 e-filing ahead of mandate
Challenge
UMB's legacy process was labor-intensive and misaligned with the industry's accelerating shift to electronic reporting. Every step in preparing tax forms required hands-on effort from file management to printing and mailing. As regulatory requirements grew more complex (including the IRS mandate for electronic filing of Form 1042), the limitations of the in-house system became impossible to ignore.
“Before ONESOURCE, UMB was using an in-house legacy process, which was a lot more hands-on steps and involved taking files and printing them in-house and doing our own mailing.”
Andrew Smith
Senior Tax Information Reporting Analyst, UMB Financial Corporation
Solution
UMB selected ONESOURCE Tax Information Reporting via Thomson Reuters’ managed service model. Rather than managing every preparation step internally, UMB’s team works with a dedicated Thomson Reuters representative who handles file imports, validates data against correct file maps, and resolves issues before they reach the January regulatory deadline.
A key innovation was the API integration with UMB’s customer banking portal. Customers can now log in and download their tax forms on demand eliminating the mailing cycle and removing the need for customers to call the bank when forms go missing in the post.
“Now, ONESOURCE is our partner every step of the way throughout the whole process.”
Andrew Smith
Senior Tax Information Reporting Analyst, UMB Financial Corporation
Outcomes
- Efficiency and automation: Dedicated managed service rep handles file imports, file mapping, and issue resolution, significantly reducing the manual workload for UMB’s tax team.
- Customer experience: Customers access tax forms instantly via their online banking portal, replacing postal delivery with on-demand digital download.
- Accuracy and compliance: Issues are identified and resolved in testing so that January filing deadlines are met with confidence.
- Future-readiness: ONESOURCE was ready for IRS Form 1042 electronic filing from the 2023 tax year onwards ahead of the mandate timeline ensuring UMB is prepared before the requirement takes effect.
- Training and support: Robust online training resources mean new team members can get up to speed quickly, reducing onboarding risk.
At a glance
Industry
Banking / Financial Services
HQ region
Kansas City, Missouri
Solutions
ONESOURCE Tax Information Reporting (OTIR)
Year founded
1913
Ready to modernize your tax information reporting?
See how ONESOURCE Tax Information Reporting can automate your compliance workflows, reduce manual effort, and keep you ahead of IRS deadlines.
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