An international, fast-growing fintech specializing in automating accounts payable services globally faced operational challenges in its reconciliation and regulatory reporting. The company processes millions of daily payment transactions in multiple currencies and could no longer rely on manual workarounds due to the complexity and high volume of its payment offerings. A key challenge was the need for a solution to ensure compliance with safeguarding reporting requirements as a licensed Electronic Money Institution (EMI) in the UK and a Money Services Business (MSB) in Canada.
The client chose AutoRek’s templated safeguarding solution to integrate best practice and maximize automation into their regulatory reporting. The solution automates the end-to-end process: ingesting raw data from any payment rail, standardizing and reconciling internal and external transactions in real-time, and generating customized reports for both British and Canadian regulators. This templated approach also allowed for rapid, cost-effective deployment.
- Operational Efficiency: Achieved immediate efficiency gains through end-to-end automation, lowering the operational cost per transaction.
- Regulatory Compliance: Delivers best-in-class safeguarding reporting across UK and Canadian jurisdictions.
- Rapid Deployment: Benefited from rapid, cost-effective deployment using AutoRek’s templated solution.
- Flexibility: The flexible system allows for further customization to evolving business requirements.