The U.S. Federal Reserve has chosen AutoRek to function its know-how in its FedNow Service Supplier Showcase.
The showcase will give the Scotland-based firm the flexibility to supply its funds know-how, together with automated reconciliation software program, to monetary companies suppliers within the U.S.
AutoRek made its Finovate debut earlier this yr at FinovateEurope 2023.
AutoRek, an end-to-end monetary knowledge management platform, has been chosen by the U.S. Federal Reserve to function in its FedNow Service Supplier Showcase. The Showcase connects monetary establishments with suppliers that provide real-time cost options. As a featured supplier, AutoRek can have the chance to “provide a lot of its on the spot cost companies to U.S. monetary companies organizations making ready for the brand new real-time funds system.”
The FedNow Service is an on the spot funds infrastructure developed by the Federal Reserve. Going dwell in July, the know-how will allow shoppers and companies alike to ship and obtain funds in real-time. The Federal Reserve launched its FedNow Service Supplier Showcase simply over a yr in the past in March. The Showcase is a web based useful resource that facilitates connections between monetary establishments and companies seeking to undertake the FedNow service with service suppliers within the on the spot funds area. AutoRek presents banks and funds corporations the flexibility to implement and enhance on on the spot funds with options for knowledge administration, automated real-time reconciliation and machine studying, reporting, and automating workflows.
“As a part of the FedNow neighborhood, we all know we’ll be capable of add enormous worth to all organizations embarking on the journey of on the spot funds,” AutoRek World Funds Gross sales Supervisor Nick Botha mentioned. “With our options, banks and funds corporations will be capable of save time, improve effectivity and scale at pace whereas making certain full monetary management throughout their enterprise.”
AutoRek made its Finovate debut earlier this yr at FinovateEurope in London. On the convention, the corporate demoed its world automated reconciliation software program. The know-how leverages machine studying and different applied sciences to assist monetary establishments higher handle high-volume reconciliation challenges, enhance auditability, and scale back working prices.
Based in 1994 and headquartered in Glasgow, Scotland, AutoRek rebranded in February of this yr to higher place itself to enter new development sectors, comparable to funds. The corporate, which has tripled in measurement since 2020, has greater than 100+ main monetary companies shoppers and has processed greater than 2.4 billion transactions since inception.
“At a time when technological developments are occurring at a quicker fee than ever earlier than, anticipating the place the market goes subsequent is the one strategy to keep on the innovative,” AutoRek founder and CEO Gordon McHarg mentioned when the rebrand was introduced earlier this yr. “And this rebrand represents AutoRek’s dedication to and perception within the want for steady innovation.”
Photograph by Keith Confirmed
