Omnio selects AutoRek’s reconciliation solution

AutoRek, the Scottish fintech and leading software provider to global financial services firms, has announced Omnio as the latest addition to its ever-expanding list of digital banking/payment clients.

Omnio, a high-growth financial services infrastructure provider, provides a singular platform that combines the best of banking capabilities and customer engagement/loyalty. With operations in the UK and Europe, and headquartered in London, it supports many of the leading corporates and financial institutions in providing innovative and effective banking, payment and loyalty solutions.

AutoRek will provide the core reconciliation solution, including internal and external reconciliations between Omnio’s payment processors, bank accounts and ledger system. AutoRek’s solution seeks to replace its existing manual Excel process by providing end-to-end automation and will facilitate increased efficiency and control, as well as provide automated reporting and real-time Management Information to ensure the team’s business users and management are provided with quality MI through a variety of dashboards to fulfil their daily activities at the optimal level.

Laurence Sproston, Head of Reconciliations and Settlements at Omnio, commented, “We approached AutoRek to provide us with a solution to help automate our reconciliation processes. Our main goal in pursuing this partnership is to save time, costs and ensure operational resilience as we move forward to a new way of working. The AutoRek team adopts a collaborative approach for implementation and have provided us with an automated solution ensuring our regulatory, data integrity, workflow and management information needs are met.”

Gordon McHarg, CEO at AutoRek, added, “We are pleased to welcome Omnio to our increasingly growing client portfolio. The payments industry is evolving rapidly and we are proud that AutoRek’s capabilities meet the challenges facing the industry including volume of data. We are looking forward to establishing a good relationship with Omnio and building upon it over the years.”

Nick Botha, Banking and Payments Lead at AutoRek, who led the deal commented, “We are delighted to be working with the Omnio team. Following the turbulent year defined by COVID-19 and with the constant changes taking place in the digital banking and payments world, we are extremely proud that Omnio has selected the AutoRek solution to be the glue between their internal and external systems.”

AutoRek takes on the Big Apple

AutoRek, a leading Fintech software provider to global financial service firms, is the Glasgow Chamber of Commerce’s selection for representing Scottish business in its virtual trade mission to the state of New York.

On the 23 and 24 March, the two-day event aims to attract Scottish companies from the Fintech sector that show interest in international exporting and expanding. 16 company-strong delegations that will participate in a market awareness session, and two business-to-business meetings based on specific requirements, with support from the Chamber’s local market partner.

Establishing international partnerships in the main aim of this trade mission, with the opportunity to explore joint ventures, distribution deals and other mutually beneficial practices.

Having been selected by the UK Government’s Department of International Trade to showcase the Best of British Innovation, AutoRek has continued to build overseas relationships. Just last week, AutoRek announced Scottish Equity Partners had completed a significant growth equity investment in its business, which will facilitate accelerating its US expansion plans.

SEP Invests in Glasgow Based SaaS Platform AutoRek

Scottish Equity Partners (SEP) has made a significant growth equity investment in  AutoRek, a leading Glasgow-based provider of Financial control, regulatory reporting and data management software. Over the past three years, Autorek’s cloud-based software as a service (SaaS) has experienced significant growth and investment from SEP, enabling them to extend further into the international market as well as accelerating additional product development.

About AutoRek

AutoRek is an industry-leading software provider to companies in the global financial services sector.

An industry leader at the forefront of financial data management, AutoRek’s customisable rules-driven platform allows firms to automate and streamline the collection, validation and reconciliation of data. This facilitates the necessary transparency for good governance and fulfilling regulatory obligations. Efficiency and cost reduction are delivered by eliminating spreadsheets and manual processing, as well as mitigating operational and regulatory risk associated with managing high volumes of data.

SEP Expansion 

Increased regulation of financial institutions and growing demand for AutoRek’s financial control and regulatory reporting solutions have both been a result of the drive for greater integrity, transparency and accountability within the financial services sector. AutoRek’s software automates high-volume reconciliation, exception management and data analysis workflows, delivering operational efficiency and improved governance of financial and regulatory risk. Partnering with SEP will support the company to further enhance its proposition to address a $2 billion-plus per annum global regulatory and data management software market.

Andrew Davidson and Angus Conroy led the deal, with both joining the AutoRek Board.  Angus said:

“AutoRek is a fast-growing and capital-efficient SaaS company, delivering business-critical functionality to financial institutions across the asset management, banking and insurance sectors. The company has an excellent reputation in the financial and regulatory data management market and a strong focus on product innovation. We are pleased to be working with the management team to help them achieve their growth ambitions.”

Gordon McHarg, co-founder and CEO of AutoRek said:

“We are delighted to have SEP on board as an investment partner to continue the successful evolution of the AutoRek business. SEP has extensive experience in the software sector and we are looking forward to working with them to build on our recent growth and to capitalise on the substantial opportunity within the global financial services market.”

www.autorek.com

UK Government picks AutoRek for US roadshow

Scottish fintech company, AutoRek has been selected by the UK Government’s Department for International Trade (DIT) to showcase the best in British innovation during a US roadshow.

The DIT’s RegTech Roadshow will take place virtually between the 22nd and the 26th February 2021 and provide ten innovative innovative firms the opportunity to meet industry stakeholders, regulators and potential partners. AutoRek was chosen after a very competitive selection process.

Commenting on the accolade, AutoRek CEO, Gordon McHarg, said,

“Joining the trade delegation, with other leading regulatory innovators is an exciting and invaluable opportunity for AutoRek to demonstrate our services. We have proven success in the UK and are accustomed to working with global financial services firms and are looking forward to helping revolutionise the way US companies manage risk, compliance and regulatory change.”

Kunal Khatri, Director for DIT North America, said,

“The UK has been at the heart of the global financial services innovation for decades, and in 2021 we will continue to lead the global FinTech and RegTech revolution. We’re excited to showcase the talent and expertise that UK companies have to offer. This roadshow is a great opportunity to deepen our bilateral engagement on financial services with the US and encourage private sector collaboration to make the world a safer, easier, and more equitable place to do business.”

AutoRek further strengthened its US offering by signing a partnership with iSoftware4Banks in November 2020. With AutoRek’s growing clientele – together with the nine other roadshow representatives, these companies combined service nearly every major top tier bank.

AutoRek wins best insurance system in bobsguide Awards

Scottish fintech AutoRek was awarded ‘Best Insurance System’ in bobsguide awards for the second time.

The awards recognise the strength of tech updates and their impact on the client experience. Autorek went through several rounds of assessment. The judges looked at user and market engagement, as well as specific criteria for each individual award.

Michael McCaw, editor at bobsguide, commented

“During an incredibly difficult year for the insurance industry, many market participants looked to their tech partners to contribute additional value and certainty across various processes and functions. The judges were particularly impressed with the standards set by AutoRek throughout 2020, in making sure their clients were well-informed and had access to leading data management and reconciliation technology.”

Lyn Canavan, Head of Marketing at AutoRek commented

“We are proud to have won Best Insurance System with bobsguide for the second time. We have focused our efforts on innovating our Insurance solution over the past couple of years and this award recognises the hard work and dedication of the whole AutoRek team. We are continuing to expand our global Insurance client base and are confident that these clients will reap the benefits of our end-to-end automation tool.”

AutoRek recognised in RegTech100 list

Scottish fintech AutoRek has been chosen as one of the world’s most innovative RegTech companies in the the annual RegTech100 list. The list is pulled together by RegTech Analyst, a pre-eminent provider of data, research and analysis on the global RegTech market.

A panel of analysts and industry experts looked at over 1,000 companies and the finalists were selected for their innovative use of technology to solve significant industry problems or generate efficiency improvements across the compliance function.

Despite a very different 2020, AutoRek has seen a huge demand increase for regulatory reporting solutions, with many firms already implementing AutoRek.

Kemal Sangrar, Head of Product, AutoRek, said:

“AutoRek is delighted to be listed in the RegTech100 for the third consecutive year. This award is recognition of our commitment in delivering regulatory reporting solutions to the financial services industry and testimony to innovative strategy underpinning our product. We anticipate another great year ahead and are looking forward to the launch of our next big release, AutoRek 6.0.”

Mariyan Dimitrov, Director of Research, RegTech Analyst, added:

“At RegTech Analyst, we take pride in consolidating the RegTech100 list each year. With the RegTech industry still expanding and evolving, we have found it important that Financial Institutions are kept up to date with the most innovative RegTech companies out there and having gone through the process the last three years, AutoRek is certainly one of them.”

A full list of the RegTech 100 is available at www.RegTech100.com<http://www.RegTech100.com>.

New Chief Financial Officer for fintech Autorek

Kenny Bain will join Scottish fintech AutoRek, a leading software provider to global financial services, as Chief Financial Officer. He will play a key role in evolving and scaling the company.

Bain was previously Chief Executive Officer of Rant and Rave and is very experienced in financial leadership and operational management with a proven track record of delivering substantial growth in the software and technology sector, in the UK and internationally. Prior to this, Mr. Bain worked for 14-year at Graham Technology, as Chief Financial Officer, Chief Operating Officer and EMEA Managing Director, as the business expanded across the US, Europe and Asia.

“We are delighted to welcome Kenny onboard. He brings a wealth of invaluable experience from the software technology sector, which will no doubt make an enormous contribution as we continue to build on the success of AutoRek within the UK financial services sector and internationally.”

Gordon McHarg, CEO, AutoRek

“I am delighted to join AutoRek at this exciting time and look forward to working with Gordon and the team to deliver further growth. The business has a fantastic culture, a highly engaged team, a market leading product and is passionate about customer success – all positioning AutoRek perfectly to capture the significant opportunities that lie ahead.”

Kenny Bain, Chief Financial Officer, AutoRek, added,

AutoRek to partner with iSoftware4Banks in the USA

It was announced today that Scottish fintech, AutoRek, would be partnering with iSoftware4Banks, a company based in the USA which provides solutions to support effective financial reporting and compliance.

With this partnership, AutoRek and iSoftware4Banks will offer their clients improved automation and better ROI. This will be achieved by bringing together highly experienced consultants and leading data management technologies.

Due to the current global epidemic, the financial sector, historically office-based, is moving towards different ays of working with many more people working from home. This change generates  various operational issues across financial institutions. To adapt, those firms are reviewing their IT infrastructure, systems and outsourced services to future proof robust operational resilience strategies to ensure uninterrupted service. This is why this partnership was born, to help large financial companies achieve transformation whilst keeping on top of reporting and compliance requirement in a new and more efficient way.

“Our partnership with iSoftware4Banks comes at a crucial point of this year. As financial services firms consider their 2021 budgets after a turbulent year of operational risk, they will inevitably seek optimal value, which together we are confident in delivering.”

Head of Partnerships at AutoRek, Marc McCarthy

“We are delighted to be partnering with AutoRek to offer excellence in financial and operational controls to meet regulatory and compliance requirements. In-depth market research confirmed AutoRek’s solution is the best on the market, and we look forward to working together.”

Vincent Raniere, Chief Executive Office, iSoftware4Banks

Best CASS Solution award for AutoRek

Scottish fintech company, AutoRek just announced it had won the Best CASS Solution’ award at the Systems in the City Financial Technology Awards 2020.

Lyn Canavan, Head of Marketing at AutoRek, commented,

“We are delighted to have been recognised as the provider of the Best CASS Solution’ at the Systems in the City Financial Technology Awards 2020. Achieving this accolade is a testimony to the team’s continued hard work and dedication in consistently striving to offer a superior CASS Solution.”

for the first time in 18 years the ceremony was done remotely via digital conferencing. This award is organised by Goodacre and recognises suppliers of services and systems to the regulated financial services sector. Based on an independent and factual annual accreditation process the selection process is overseen by three independent judges.

AutoRek are delighted to have been recognised at this awards ceremony again this year having previously won Best Reconciliation System’ for the past 5 years.

The Awards provide an important point of reference for user firms assessing the suitability of their operational infrastructure.