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AutoRek to automate Bank of England’s reconciliation processes

Glasgow-based provider of financial controls and regulatory reporting software solutions, AutoRek has been selected by the Bank of England following a competitive tender. The supplier is expected to work towards automating the Bank’s reconciliation processes and help in the achievement of increased efficiencies.

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.”

AutoRek states that the two-phase project will span both Finance and Operations and is expected to provide a centralised platform for their daily and monthly reconciliation tasks. The supplier aims to offer enhanced control, accurate matching at transaction level mitigating risks, insights into processes, automation tools and user-configured dashboards.

UK-based AutoRek has been working with asset/investment managers, banks and insurance firms. It is headquartered in Glasgow with offices in Edinburgh, London and New York. It aims to improve the quality and efficiency of financial data management, from cost reduction and process efficiency projects to improving adherence to regulatory reporting requirements.

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