AutoRek, the global leader of data management and automated reconciliation, has partnered with AccessPay, leading provider of global bank integration solutions, for seamless, API-enabled system connectivity.
Through the partnership, the firms have streamlined the end-to-end retrieval, reconciliation and reporting of banking data, eliminating manual inefficiencies and associated risks. Adding further automation, mutual clients can initiate payment instructions within AutoRek which are sent and automatically executed by AccessPay.
AccessPay eliminates these inefficiencies by securely retrieving and aggregating bank statement data from multiple institutions, delivering it in a single, standardised format.
For operational teams, the retrieval of bank statements often requires a manual process to access banking portals to generate, download and format the required data. Where firms operate with multiple banks, this process must be repeated before a complete dataset is ready for reconciliation.
AutoRek has developed a pre-configured data ingestion step to automatically load the AccessPay statement format to drive its automated reconciliation engine. The AutoRek bank reconciliation solution automates data validation, identification of exceptions and reporting. AutoRek dashboards provide a real-time insight and auditability into all stages of the reconciliation process.
The reconciliation solution is simplified by the need for only a single bank data feed, replacing multiple and varied formats received from different banks. Ongoing maintenance of the solution, plus the ability to scale your business and add new institutions is also greatly enhanced.
The partnership will help deliver a truly seamless process for financial operation teams – from data sourcing and ingestion, through reconciliation and reporting, to final resolution, helping firms increase efficiency, reduce risk, and enhance control.
Alastair MacKenzie, Head of Strategic Partnerships at AutoRek, commented: “AutoRek is on a mission to set the benchmark for trust in financial operations, and we believe collaboration with ecosystem partners is vital in accelerating the time to value for our clients. We are delighted to be working with AccessPay to help streamline critical end-to-end reconciliation processes promoting a standards-based approach. Our joint solution will reduce risk and increases operational effectiveness for finance and operations teams.”
AccessPay’s CEO, Anish Kapoor, commented: “We’re excited to partner with AutoRek to eliminate long-standing pain points in the data retrieval, reconciliation and payments process. By combining the AccessPay bank statement retrieval and data aggregation capabilities with AutoRek’s powerful reconciliation engine, firms can achieve a level of automation and control that simply wasn’t possible before.”