Moneybox turns to Aurum Solutions to automate reconciliations

By Gloria Methri

Moneybox, the savings and investment platform, has partnered with Aurum Solutions to automate its reconciliations. Integrating Aurum’s automation will enable Moneybox to handle higher transaction volumes, expand its product offerings, and invest in new app features.

Having increased its assets under administration by 43% in 2023 alone and grown to over one million customers, Moneybox faced the task of handling an ever-increasing volume of transactions. However, manual reconciliation processes struggle to meet the demands of higher transaction volumes.

Reconciling transactions manually daily is incredibly resource-intensive, requiring a significant amount of time and manpower to enter data into a spreadsheet. Manual processes are also error-prone, with estimates suggesting that 88% of spreadsheets contain at least one human error.

The integration of Aurum’s automation software aims to combat these challenges by providing real-time transaction reconciliation. The partnership enables Moneybox to handle increased transaction volumes while reducing manual workload accurately, saving the firm an estimated 11 hours per day on reconciliations.

Other key features of Aurum’s platform include:

• Customised colour-coding of reports to indicate the speed of transfer payments being allocated.
• In-built Client Money and Asset Return (CMAR) reports to provide a centralised view of all assets under administration.

Kaley Addo, Head of Investment Operations at Moneybox, said, “We have experienced significant growth recently, and with this trajectory set to continue, we will see the development of more customer-centric products and, in turn, more reconciliations. It’s, therefore, reassuring to know that we can keep our back-office controls to a high standard throughout this growth period. With the help of Aurum, we won’t have to spend time manually updating Excel or hiring new staff to keep on top of reconciliations. Instead, we can direct time and resources towards enhancing customer offerings.”

Tiago Veiga, CEO at Aurum Solutions, said, “Until now, companies have had to rely on time-consuming, out-of-date and error-prone systems that made reconciliation a huge burden on resources. In our view, it is time to say goodbye to the spreadsheet. Automated reconciliation offers businesses a better line of sight over operations and saves much-needed time in the process, eliminating this burden. Our partnership ensures that Moneybox can scale securely and focus on making its platform and services even better for its customers.”