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The U.S. Federal Reserve has chosen AutoRek to function its know-how in its FedNow Service Supplier Showcase.
The showcase will give the Scotland-based firm the flexibility to supply its funds know-how, together with automated reconciliation software program, to monetary providers suppliers within the U.S.
AutoRek made its Finovate debut earlier this yr at FinovateEurope 2023.
AutoRek, an end-to-end monetary knowledge management platform, has been chosen by the U.S. Federal Reserve to function in its FedNow Service Supplier Showcase. The Showcase connects monetary establishments with suppliers that supply real-time fee options. As a featured supplier, AutoRek could have the chance to “supply a variety of its immediate fee providers to U.S. monetary providers organizations making ready for the brand new real-time funds system.”
The FedNow Service is an immediate funds infrastructure developed by the Federal Reserve. Going stay in July, the know-how will allow shoppers and companies alike to ship and obtain funds in real-time. The Federal Reserve launched its FedNow Service Supplier Showcase simply over a yr in the past in March. The Showcase is a web-based useful resource that facilitates connections between monetary establishments and companies seeking to undertake the FedNow service with service suppliers within the immediate funds area. AutoRek gives banks and funds firms the flexibility to implement and enhance on immediate funds with options for knowledge administration, automated real-time reconciliation and machine studying, reporting, and automating workflows.
“As a part of the FedNow neighborhood, we all know we’ll be capable to add big worth to all organizations embarking on the journey of immediate funds,” AutoRek World Funds Gross sales Supervisor Nick Botha stated. “With our options, banks and funds firms will be capable to save time, enhance effectivity and scale at velocity whereas making certain full monetary management throughout their enterprise.”
AutoRek made its Finovate debut earlier this yr at FinovateEurope in London. On the convention, the corporate demoed its international automated reconciliation software program. The know-how leverages machine studying and different applied sciences to assist monetary establishments higher handle high-volume reconciliation challenges, enhance auditability, and cut back working prices.
Based in 1994 and headquartered in Glasgow, Scotland, AutoRek rebranded in February of this yr to raised place itself to enter new development sectors, similar to funds. The corporate, which has tripled in dimension since 2020, has greater than 100+ main monetary providers shoppers and has processed greater than 2.4 billion transactions since inception.
“At a time when technological developments are occurring at a sooner charge than ever earlier than, anticipating the place the market goes subsequent is the one method to keep on the leading edge,” AutoRek founder and CEO Gordon McHarg stated when the rebrand was introduced earlier this yr. “And this rebrand represents AutoRek’s dedication to and perception within the want for steady innovation.”
Picture by Keith Confirmed
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