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GET https://www.autorek.com/

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Text Content

 * Solutions
   * Back
   * Solutions
   * Automated Reconciliations
   * Asset Management
     * Back
     * Asset Management
     * CASS Compliance
     * MiFID II Post-Trade Reporting
     * Regulatory Reporting
   * Banking
     * Back
     * Banking
     * Data Migration
     * Financial Controls
   * Insurance
     * Back
     * Insurance
     * IFRS 17
     * Insurance Broker Accounting (IBA)
   * Payments
     * Back
     * Payments
     * Payment and e-Money Safeguarding
 * Products
   * Back
   * Products
   * AutoRek
   * ReKognize
   * VanguARd
 * Customers
   * Back
   * Customers
   * Customer Case Studies
   * Customer Success
 * Insights
   * Back
   * Insights
   * Insights
   * Events
   * News & Blogs
 * About
   * Back
   * About
   * Corporate Social Responsibility
   * Careers
   * What We Do
   * Contact Us


 * Solutions
   * Automated Reconciliations
   * Asset Management
     * CASS Compliance
     * MiFID II Post-Trade Reporting
     * Regulatory Reporting
   * Banking
     * Data Migration
     * Financial Controls
   * Insurance
     * IFRS 17
     * Insurance Broker Accounting (IBA)
   * Payments
     * Payment and e-Money Safeguarding
 * Products
   * AutoRek
   * ReKognize
   * VanguARd
 * Customers
   * Customer Case Studies
   * Customer Success
 * Insights
   * Insights
   * Events
   * News & Blogs
 * About
   * Corporate Social Responsibility
   * Careers
   * What We Do
   * Contact Us


Demo

Case Study


TIDE



AUTOREK HAS ALL THE FUNCTIONALITY OUR BUSINESS NEEDS IN A RECONCILIATION TOOL.
IT AUTOMATES THE PROCESS FROM END-TO-END, AND THE FLEXIBILITY OF THE AUTO-MATCH
RULES HAS ALLOWED US TO TAILOR THE SOLUTION TO OUR DATA REQUIREMENTS. SINCE
IMPLEMENTING AUTOREK, OUR TEAM HAS REDUCED THE TIME SPENT ON RECONCILIATIONS BY
90%.

Bethany Cox Lead Reconciliations Controller at Tide.

Tide is a UK financial technology company providing mobile-first banking
services for small and medium-sized enterprises. It enables businesses to set up
a current account and get instant access to various financial services.

 

THE CHALLENGE

Tide was seeking a cloud-based reconciliation solution to eliminate spreadsheet
usage through end-to-end automation. It was important to them that the solution
offered:

 * Comprehensive dashboards and reporting for data-driven business insights
 * Specific functionality, such as automated contra records, the ability to
   split and add items, and configurable auto-match rules
 * The flexibility to store data separately to comply with different
   geographical regulations
 * An integrated, automated workflow feature

 

THE SOLUTION

AutoRek implemented a banking solution to automate the reconciliation process
from end-to-end, as well as to streamline and simplify reporting processes.

The solution contains two instances: a UK instance, made up of an automated bank
to ledger reconciliation and an international payments reconciliation; and an
India instance, also made up of a bank to ledger reconciliation and an
international payments reconciliation.
Both instances ingest data from multiple sources and automate several enrichment
tasks, giving Tide higher quality data and more visibility of unreconciled
items. Data is held separately across each instance to ensure compliance with
each jurisdiction.

 

HOW IT’S USED

Tide currently use AutoRek for:

 * All operational reconciliations, regardless of country or jurisdictions
 * Customer transactions and payments
 * Reporting and MI
 * Financial close processes
 * Investigative work
 * Internal and external audits

In the future, they also plan to:

 * Broaden out the end-to-end reconciliation function as the business expands
 * Make reports and MI on all transactions available to the wider business
 * Move from T+1 to real-time reconciliations
 * Integrate AutoRek’s safeguarding solution for compliance with FCA
   safeguarding rules





THE BENEFITS FOR TIDE

90% + TIME SAVED ON RECONCILIATIONS

Tide’s reconciliations were previously manual and performed in Microsoft Excel,
which required 3-4 hours of work to complete daily. Since implementing AutoRek,
the process now takes 15 minutes – a 90%+ reduction in the time spent on
reconciliations across several different use cases. The team now have 173
working days freed up across the year to perform investigations, analyse data
and support other teams across the business.

DATA CONTROL AND VISIBILITY

Implementing AutoRek has given Tide more control over their financial data. They
now have:

• Full visibility of positions
• Insights into FX differences
• Actionable MI and reporting
• A golden source of data for all teams across the business
• The ability for staff to pull their own data if required
• Up-to-date account balances for finance and treasury teams
• Configurable match rules to set specific rules for different data sets
• Data that is enriched ahead of reconciliation

SIMPLER SIGN-OFF AND ATTESTATION

The in-built workflow functionality of AutoRek has allowed Tide to connect its
departments together more seamlessly. Workflow and case creation logic allows
for unmatched items to be escalated to different teams across the business for
investigation and resolution. Being able to upload images as evidence has also
made audits less time consuming. A full history of all cases, as well as
associated evidence and commentary, is retained in the platform for easy
reference in the future.

EASE OF USE AND SELF SUFFICIENCY

Tide wanted a solution built with usability in mind. Their team now find
managing reconciliations straightforward with the intuitive UI of AutoRek.
Simple navigation means that users can operate the tool without complication
reading buttons. The ability to change colours for different breaks is
especially useful in accommodating members of the team with dyslexia.

FULLY SCALABLE TO SUPPORT COMPANY EXPANSION

With international growth plans, Tide needed a solution to scale alongside their
business. The flexibility of AutoRek means that they can continue to expand
internationally with no concerns around reconciling higher volumes of data or
compliance with regulations that stretch across multiple territories. Tide also
plans to incorporate AutoRek’s safeguarding solution, as well as stay up to date
with the latest software upgrades.

 * Solutions
   * Automated Reconciliations
   * CASS Compliance
   * Payment and e-Money Safeguarding
   * Regulatory Reporting
 * About
   * Corporate Social Responsibility
   * Privacy Policy
   * What We Do
 * Connect
   * LinkedIn
   * Twitter


2023 AutoRek. Registered in Scotland No 154934. Registered office: The Garment
Factory, 10 Montrose Street, Glasgow, G1 1RE

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