AutoRek - Automated Reconciliation and Exception Management
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AutoRek – our automated reconciliations software - is our core flagship product. It is a powerful automated reconciliations solution, implemented globally across many of the world's largest institutions.
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AutoRek - Automated Reconciliation and Exception Management
- 1. Solution Literature AutoRek Automated Reconciliation and Exception Management
- 2. Agenda About AutoRek Reconciliation Software How AutoRek Works The Business Benefits of AutoRek Next Steps and Seeing a Demonstration
- 3. About AutoRek Control Stabilise Improve Cost Savings Increased Efficiency Compliance Credit Management Data Migration Governance Supplier reconciliations Intercompany Fast Close Blue chip clients Cash Allocations Audit Management Information Client Money Workflow Exception Management Asset Management Shared Services Financial Control
- 4. About AutoRek – Some Key Facts Blue chip customer base with significant repeat business AutoRek automates up to 99.9% of the reconciliation process Reconciliation costs reduced by up to 75% AutoRek’s largest reconciliation deployment managed 2.4 billion transactions per hour Recognised provider to asset managers, funds and brokers More than 40 installations in leading Financial Services companies Extensive credentials in Finance and Operational functions
- 5. DataManagement ConsultingServices AutoRek Reconciliations VanguARd Order to Cash Cash Applications Klear FATCA, Anti Money Launder & Suspicious Transactions Performance Management and Reporting Products and Services ReKognize Account Attestation
- 6. DataManagement ConsultingServices AutoRek Reconciliations VanguARd Order to Cash Cash Applications Klear FATCA, Anti Money Launder & Suspicious Transactions Performance Management and Reporting Products and Services - Reconciliations ReKognize Account Attestation
- 7. How AutoRek works Source Explode Enrich Match Escalate AutoRek is an independent database which sources data in any format from any source. This gives us a speed-to-implement advantage as well as an ability to capture all relevant data in a single place to maximise productivity Because AutoRek can upload and match millions of records a minute, we can easily replace bulk values with underlying transactions. This creates granular exceptions management and excellent data analytics in one place AutoRek supplements transaction data with extra attributes which enables even better automated match rates. We add stakeholder information to allow exceptions to be highlighted to those responsible for overseeing or correcting Business rules will match transactions on a variety of attributes. Matching can be precise or with a tolerance. Many items can be matched to many, many to one or one to one. Our suggested matching will help prioritise exceptions The remediation loop is the key measure of efficient reconciliation so our outputs include alerts, management information and dashboards. The speed at which AutoRek escalates exceptions directly to stakeholders is a focal point of our approach
- 8. Audit Reporting & Escalation Exception management How AutoRek Reconciliations Work Matched DataImport DataValidationRules TransactionPostingRules Explosion Logic Enrichment Matching Labelling Rules Administration Exception & Workflow Management Notes Audit Unmatched Bank Statement Transactions General Ledger Cashbook, AR / AP etc Other Operational Systems or spreadsheets AutoRek takes direct feeds from source systems or via a directory using scheduled jobs. Some clients also provide real time feeds. Supplementary data can be as diverse as emails or attachments AutoRek ensures that the data it receives is in the correct format and properly rolls-forward opening balances to the correct closing balance. AutoRek runs its routines and presents only unmatched items to the users. AutoRek has its own management information, case management and work flow which maximises productivity. All of this activity is aligned from a single data set which is constantly in line. AutoRek can attach supplementary data such as responses, scanned images and best practice notes to allow users full look-up of all information through AutoRek. Users use AutoRek through three main interfaces. Reconcilers use the exceptions screen, stakeholders use an MI portal and an audit screen allows checking. Scanned documents read and intelligently interpreted by AutoRek’s OCR functionality
- 9. Business Benefits of AutoRek Improving staff productivity, resource planning and management – up to 75% of manpower on reconciliations saved Improving compliance with regulation Reducing financial and operational burden of regulation Reducing production costs of management information and the reliance on IT to cut data and produce reports Faster error detection, default detection and recovery speeds Creating capacity for increasing business volumes Improving speed and quality of management information Demonstrating and monitoring stronger financial controls Improved visibility of adherence to service level agreements 0 10 20 30 40 50 60 70 80 90 100 Before After Data Sourcing Matching Reporting Exception Handling Relative Effort 0 10 20 30 40 50 60 70 80 90 100 Before After Data Sourcing Matching Reporting Exception Handling Relative FTE
- 10. 193-197 Bath Street Glasgow G2 4HU +44 (0) 845 603 3613 www.autorek.com For more information or to arrange a demonstration for your company, please email: graeme.mckee@autorek.com Thank You