• Automated reconciliation software company AutoRek has joined the Swift Partner Program.
• The partnership will enable companies to have greater integration between their operations and third-party data sources.
• Scotland-based AutoRek made its Finovate debut at FinovateEurope 2023.

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. Futhermore, 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

• The U.S. Federal Reserve has selected AutoRek to feature its technology in its FedNow Service Provider Showcase.
• The showcase will give the Scotland-based company the ability to offer its payments technology, including automated reconciliation software, to financial services providers in the U.S.
• AutoRek made its Finovate debut earlier this year at FinovateEurope 2023.

AutoRek, an end-to-end financial data control platform, has been selected by the U.S. Federal Reserve to feature in its FedNow Service Provider Showcase. The Showcase connects financial institutions with providers that offer real-time payment solutions. As a featured provider, AutoRek will have the opportunity to “offer a number of its instant payment services to U.S. financial services organizations preparing for the new real-time payments system.”

The FedNow Service is an instant payments infrastructure developed by the Federal Reserve. Going live in July, the technology will enable consumers and businesses alike to send and receive payments in real-time. The Federal Reserve launched its FedNow Service Provider Showcase just over a year ago in March. The Showcase is an online resource that facilitates connections between financial institutions and businesses looking to adopt the FedNow service with service providers in the instant payments space. AutoRek offers banks and payments companies the ability to implement and improve on instant payments with solutions for data management, automated real-time reconciliation and machine learning, reporting, and automating workflows.

“As part of the FedNow community, we know we’ll be able to add huge value to all organizations embarking on the journey of instant payments,” AutoRek Global Payments Sales Manager Nick Botha said. “With our solutions, banks and payments companies will be able to save time, increase efficiency and scale at speed while ensuring complete financial control across their business.”

AutoRek made its Finovate debut earlier this year at FinovateEurope in London. At the conference, the company demoed its global automated reconciliation software. The technology leverages machine learning and other technologies to help financial institutions better manage high-volume reconciliation challenges, improve auditability, and reduce operating costs.

Founded in 1994 and headquartered in Glasgow, Scotland, AutoRek rebranded in February of this year to better position itself to enter new growth sectors, such as payments. The company, which has tripled in size since 2020, has more than 100+ leading financial services clients and has processed more than 2.4 billion transactions since inception.

“At a time when technological developments are happening at a faster rate than ever before, anticipating where the market is going next is the only way to stay at the cutting edge,” AutoRek founder and CEO Gordon McHarg said when the rebrand was announced earlier this year. “And this rebrand represents AutoRek’s commitment to and belief in the need for continuous innovation.”

Photo by Keith Proven