AutoRek

AutoRek is a global provider of end-to-end automated reconciliation software, which strengthens the finance operations and controls of financial services firms. Live in 100+ organisations, the platform helps firms reduce costs, increase control, achieve compliance, and minimise the risk of misreporting.

Our solution has been developed alongside some of the largest financial institutions across the asset management, payments, banking, and insurance sectors. These include eToro, Arbuthnot Latham and Lloyds Banking Group.

Our configurable, rules-driven platform – specialising in financial data management – allows firms to automate and streamline data collection, validation, and reconciliation. This gives firms the transparency they need to meet regulatory obligations while ensuring good governance.

Use cases

Reconciliation automation 

AutoRek automates and optimises the tasks reconciliation teams perform – such as preparing, reviewing and analysing data from various sources. The platform applies repeatable logic regardless of the data source, type, quality or volume. AutoRek is used for:

• Bank reconciliations
• Treasury reconciliations
• Regulatory reconciliations
• Cash/payment allocation
• Accounting reconciliations
• Intersystem reconciliations
• Trade and asset reconciliations

Oversight and control 

Our solutions provide end-to-end control. They enable firms to segregate tasks and gain oversight of core processes and data. Users review and approve through integrated workflow and case creation logic. The platform retains a full history of the actions they take. AutoRek is used for:

• Break allocation, escalation and approval
• Reconciliation review and sign-off
• Management Information (MI) and report generation
• Financial close processes 
• Improved auditability

Regulatory reporting

AutoRek’s automated reporting suite simplifies regulatory processes. It surfaces all data held within the platform, providing real-time management information (MI) on interactive dashboards. After the platform takes in data, it automates all data-related processes that feed into downstream reporting. AutoRek is used for:

• Data enrichment and preparation
• Full report configuration
• Report generation
• Integrated review and approval
• Export reports in multiple formats
• Export scheduler

Product features

AutoRek automates each stage of the end-to-end reconciliation process, from taking in data to reporting.

Data ingestion 

Consumes data from any source and in any format, such as:

• SWIFT
• ACH
• ISO 20022
• Excel files

Takes in data from bank statement formats. The platform:

• Transfers data in real-time from APIs
• Automatically identifies source data formats
• Supports OCR for paper sources 
• Integrates with ERP, front-office, email, trading, currency management and portfolio management systems

Data management

• Consolidates detailed transactions to create an aggregated view
• Merges third data source with raw data files like currency tables
• Disaggregates or explodes bulk entries
• Uses one data source for many reconciliations without re-importing
• Provides reporting labels and features 
• Keeps full audit trail of original and transformed files
• Performs data management without IT help

Intelligent matching

• Recognises and suggests best results with intelligent match analysers
• Allows user to configure match rules
• Supports one-to-one, one-to-many and many-to-many match sequencing
• Supports timing and age-sensitive match rules
• Segregates user job roles for match rule creation, approval and execution
• Provides high-speed matching for large volumes
• Schedules match rule processing

Exception management

• Integrates workflow to assign, route and track exceptions
• Surfaces exceptions into dashboards and work queues
• Automatically escalates breaks that exceed due dates or materiality levels
• Provides consolidated view of all outstanding breaks, user work queues and bottlenecks

Attestation

• Has centralised sign-off and attestation hub with full audit trails
• Assigns ownership of accounts, transaction types and other criteria
• Gives clear visibility of ownership across legal entities, business units and locations
• Separates by job roles & duties
• Creates and enforces sign-off hierarchies