AutoRek

AutoRek is a global provider of end-to-end automated reconciliation software, which strengthens the finance operations and controls of financial services firms. Used by the biggest names in finance for over 30 years, the platform helps firms reduce costs, increase control, achieve compliance, and minimise the risk of misreporting.

Our fully configurable, rules-driven platform 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.

“AutoRek has de-risked our processes. We are no longer reliant on key person knowledge, and we have also gained significant time savings, allowing us to complete the reconciliation process in half the time.” – Travis Nell, Funding Circle

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.

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.

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.

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Product features

Data ingestion

• AutoRek can consume data from any source and in any format
• Transfers data in real-time from APIs
• Automatically identifies source data formats
• Supports OCR for paper sources
• Integrates with internal systems

Data management

• Aggregated and disaggregated transaction views
• Merges third data source with raw data files like currency tables
• Uses one data source for many reconciliations without re-importing
• Provides reporting labels and features
• Keeps full audit trail of original and transformed files

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

Exception management

• Integrates workflow to assign, route and track exceptions
• 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

Auto-journalling and reconciliation accounting

• Integrates sub-ledger with transactions & easily exportable to ERP/general ledger
• Automatically creates journals for rounding differences, tolerance write-offs, currency differences and sales taxes
• Supports multi-period, multi-currency and multi-company sub-ledger posting controls
• Gives journal entries with audit trails tied to the reconciliation

Reporting, dashboarding and auditing

• Maintains full data lineage throughout the entire process
• Provides a unified database for reporting
• Provides online dashboards with drill-down and drill-around functions
• Generates automatic or scheduled report

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