In recent weeks, AutoRek were delighted to announce The Bank of England as the latest addition to their growing list of clients. Following a competitive tender, the Bank selected AutoRek to automate their reconciliation processes and achieve increased efficiencies. The two-phase project will work across both Finance and Operations and provide a centralised platform for their daily and monthly reconciliation tasks.
The Bank of England (BoE) is the UK’s central bank. Their mission is to deliver monetary and financial stability for the people of the United Kingdom. As they have selected AutoRek as a tool to ensure their financial data accuracy, it is a source of great pride for the whole firm.
Commenting on the deal Gordon McHarg, Managing Director added “It is a testament to the whole AutoRek team that we have been able to successfully engage with an institution such as the Bank of England. As we enter our 25th year of operations we have and continue to work with a broad range of leading Insurance, Investment Management and Banking organisations. I look forward to AutoRek delivering value and efficiencies for the Bank as we move into the implementation phase.”
The Fintech Times asked Hugh Burden, Head of Banking at AutoRek to explain a little bit more about the problems they were addressing for the Bank of England and the wider financial services industry.
Existing problems around data in the financial services
Today, financial institutions are confronted by more assertive and aggressive regulators as well as wider and more intrusive rules. Auditors expect ready access to books and records; indeed such granular understanding of the firm’s position is also in the interest of the firm who are pursuing an efficient Audit. Banks, insurance companies, fund managers and other financial firms face tough and challenging times and it is becoming somewhat less appropriate to house these processes on complicated spreadsheets. Both the volume and complexity of reporting that organisations are required to complete is increasing. All of this leads to added pressure for firms to reconcile the data needed to ensure perfect alignment between finance and risk reporting, both for internal use and externally for regulators. Failing to do this will expose organisations to reputational damage, regulatory sanctions and in some cases financial penalties.
AutoRek offers a range of solutions other than financial controls. AutoRek can assist firms with regulatory reporting for regulations such as CASS, MiFID II and IFRS 17 as well as data management and cash allocation. By working in the industry for over 25 years, AutoRek have understood that no two clients are ever the same. The software is completely configurable to suit individual client’s needs.
What is next for the Financial Services?
Data accuracy is only becoming more and more important for firms, especially within the financial services sector. In a recent survey of 100 Heads & Directors of Data Management, IT Finance, and Operations carried out by AutoRek and WBR (Worldwide Business Research), 71% of respondents said that data management had become a board level concern and 46% had said that they are actively seeking new technologies to assist data governance. It is certain that technology is becoming a bigger part of the way we do business and not going anywhere any time soon. Firms need to embrace this era with new technologies and software that are out there to keep in the race.
Future of AutoRek
Although it has a global presence, for the last 25 years, AutoRek has been predominantly been working with in the UK and focusing on Asset Management and Banking. In 2020 and beyond, AutoRek are looking to have a larger presence in the Insurance sector as well as banking and asset management and expanding into the US market. With having an established partnership with Cforia Software Inc, a working capital and accounts receivable (A/R) automation software, AutoRek are well on their way to achieving their goals. Gordon McHarg has commented that its vision is “Striving to establish AutoRek as the global provider of data management and financial control solutions”.