AutoRek, an automated financial controls platform based in Scotland, has joined the Swift Partner Program. The move will enhance the consolidation and reconciliation of financial data and provide greater integration between companies’ operations and their third-party data sources. Leveraging its predefined catalog of API connections, AutoRek will consume messages directly from the Swift network, making the reconciliation process more efficient and providing wider data management. This will eliminate the need for AutoRek customers to both source and manage files and statements from the third-parties they are working with. Furthermore, AutoRek will investigate the creation of additional solutions to help its customers maximize the company’s connection with the Swift network.
“AutoRek is on a mission to set the benchmark in trust for finance operations and controls,” AutoRek Head of Strategic Partnerships Alastair MacKenzie said. “As a member-owned organization, we believe this collaboration with Swift will allow us to gain in-depth insights to help meet the needs of the world’s leading financial services firms.”
SWIFT, which stands for Society for Worldwide Interbank Financial Telecommunication, offers a network that enables financial institutions to communicate and exchange information about financial transactions in a secure manner. Launched in 1973 and owned by the banks and member institutions that use the messaging network, the Belgian-based cooperative connects more than 11,500 banking and securities organizations, market infrastructures, and corporate customers in 200+ countries and territories.
AutoRek made its Finovate debut at FinovateEurope last year. At the conference, the company’s Kashif Aslam demonstrated how AutoRek’s technology helps financial institutions — including banks, asset managers, insurers, and payments businesses — manage high-volume reconciliation challenges. “Some of the benefits include a significant reduction in cost through automation of otherwise manual and intricate business processes, an increase in control over your data through increased transparency so you can see and track everything that’s happened to your data throughout its lifespan within the system, and an increased ability to demonstrate compliance with financial regulation,” Aslam explained.
In the months since then, AutoRek has forged partnerships with J.P. Morgan Payments, global funds network Calastone, and French IT services and consulting firm Capgemini. The company’s customers include fellow Finovate alums eToro and Marqeta.
Founded in 1994, AutoRek is headquartered in Glasgow, Scotland. Gordon McHarg is CEO.
Photo by Richard Harris
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Conclusion
In conclusion, the collaboration between AutoRek and the Swift Partner Program marks a significant step forward in the realm of automated financial controls. This partnership will not only streamline the reconciliation process for companies but also provide them with greater integration capabilities with third-party data sources. By leveraging the Swift network and its API connections, AutoRek is poised to revolutionize how financial institutions manage their data and operations efficiently.
The commitment of AutoRek to setting high standards in trust for finance operations and controls is evident in this collaboration. With insights gained from Swift, AutoRek aims to cater to the needs of the world’s leading financial services firms, further solidifying its position as a key player in the industry.
As technology continues to advance, partnerships like these showcase the importance of innovation and collaboration in driving the financial sector forward. AutoRek’s success in forming strategic partnerships with industry giants like J.P. Morgan Payments and Calastone underscores the value that its automated financial controls platform brings to the industry.
Looking ahead, it will be exciting to see how AutoRek continues to evolve its solutions and offerings to meet the ever-changing demands of the financial services landscape. With a strong foundation laid by this partnership with Swift, AutoRek is well-positioned to lead the way in automated reconciliation software and data management.
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