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.
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
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