The Bank of England picks AutoRek to automate reconciliation

The Bank of England has chosen RegTech solution AutoRek to help automate their reconciliation process and boost efficiencies.

This is a two-phase project and will be implemented across both finance and operations within the Bank of England and provide a centralized platform for daily and monthly reconciliation tasks.

Benefits of using the AutoRek solution will include enhanced control, accurate matching at transaction level to mitigate risks, improving insights within processes, a user configured dashboard and automation tools.

AutoRek managing director Gordon McHarg said, “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.”

The RegTech company builds financial controls, regulatory reporting tools and a data management platform.

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