ClearBank, a UK-based, technology-driven clearing and embedded banking platform , faced challenges as its finance operations struggled to keep pace with rapidly rising transaction volumes and complexity. Its legacy reconciliation tool was limited to transactional matching and lacked essential features like workflow functionality, support for cash reconciliation, and balance substantiation. The reliance on manual processes and Excel created a disjointed system, hindering real-time visibility and auditability. ClearBank needed a unified, scalable solution to eliminate these silos and support its 55% growth in total payment volumes.
AutoRek provided a unified reconciliation platform that seamlessly integrates transactional and cash reconciliations across ClearBank’s multiple payment schemes and core Bank of England accounts. Its no-code interface allows finance teams to quickly configure complex reconciliations without IT dependency.
- Scalability: Provides scalability to handle millions of transactions across multiple schemes.
- Real-time Management: Enables real-time exception management for faster issue resolution.
- Integration: Offers seamless, cloud-native integration with Microsoft Azure, aligning with the bank’s infrastructure and cost strategy.
- Speed-to-Market: Allows for faster speed-to-market for new products and services, such as their upcoming card issuance platform.
- Cost Control: Empowers the existing reconciliation team to keep pace with growth, supporting expansion without the immediate need for increased headcount.