The U.S. Federal Reserve has chosen AutoRek to function its expertise in its FedNow Service Supplier Showcase.
The showcase will give the Scotland-based firm the power to supply its funds expertise, together with automated reconciliation software program, to monetary companies suppliers within the U.S.
AutoRek made its Finovate debut earlier this 12 months 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 supply real-time cost options. As a featured supplier, AutoRek could have the chance to “supply a variety of its immediate cost companies to U.S. monetary companies organizations making ready for the brand new real-time funds system.”
The FedNow Service is an immediate funds infrastructure developed by the Federal Reserve. Going dwell in July, the expertise will allow customers and companies alike to ship and obtain funds in real-time. The Federal Reserve launched its FedNow Service Supplier Showcase simply over a 12 months 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 immediate funds area. AutoRek presents banks and funds corporations the power to implement and enhance on immediate funds with options for knowledge administration, automated real-time reconciliation and machine studying, reporting, and automating workflows.
“As a part of the FedNow group, we all know we’ll be capable to add enormous worth to all organizations embarking on the journey of immediate funds,” AutoRek World Funds Gross sales Supervisor Nick Botha mentioned. “With our options, banks and funds corporations will be capable to save time, enhance effectivity and scale at pace whereas guaranteeing full monetary management throughout their enterprise.”
AutoRek made its Finovate debut earlier this 12 months at FinovateEurope in London. On the convention, the corporate demoed its international automated reconciliation software program. The expertise leverages machine studying and different applied sciences to assist monetary establishments higher handle high-volume reconciliation challenges, enhance auditability, and cut back working prices.
Based in 1994 and headquartered in Glasgow, Scotland, AutoRek rebranded in February of this 12 months to higher place itself to enter new development sectors, similar 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 charge than ever earlier than, anticipating the place the market goes subsequent is the one approach to keep on the leading edge,” AutoRek founder and CEO Gordon McHarg mentioned when the rebrand was introduced earlier this 12 months. “And this rebrand represents AutoRek’s dedication to and perception within the want for steady innovation.”
Picture by Keith Confirmed
