Scotland-based insuretech AutoRek has announced that it joined the Swift Partner Programme to optimise the consolidation and reconciliation of financial data. By teaming up with Swift, which is a provider of secure financial messaging services, AutoRek intends to deliver expanded integration capabilities for companies between their operational processes and third-party data sources, allowing simplified data management and ingestion. As a software provider for companies operating in the financial services sector, AutoRek delivers a customisable rules-driven platform to support its users in automating and simplifying the collection, validation, and reconciliation of data.

Through this, the company intends to facilitate transparency that assists in meeting regulatory requirements and ensuring good governance. Moreover, AutoRek focuses on removing spreadsheets and manual processing, as well as mitigating operational and regulatory risks linked to managing high volumes of data, thus scaling efficiency and minimising costs. Data consolidation and increased security Supported by a predefined catalogue of API connections, AutoRek plans to leverage messages directly via the Swift network, working towards augmenting the efficiency of critical reconciliation processes and wider data management. In addition, by connecting AutoRek to the Swift network, the company is set to mitigate the need for its customers to source and manage files of statements from the external parties they collaborate and conduct business with.

Assisted by this feature, AutoRek aims to look into developing new tools and products and support its customers to benefit from its connection to the Swift network. When commenting on the announcement, representatives from AutoRek underlined their company’s commitment to increasing trust for finance operations and controls. Also, as a member-owned organisation, the partnership with Swift is set to enable the firm to gain insights that can help meet the needs, demands, and preferences of financial services companies globally.

AutoRek’s partnership with J.P. Morgan The collaboration with Swift comes shortly after AutoRek partnered with J.P. Morgan to optimise processing for insurance companies.

At that time, the two organisations planned to simplify financial data flows, augmenting cash allocation, matching, and credit control. Also, by merging AutoRek’s solutions with J.P. Morgan Payments’ global capabilities, the alliance was projected to offer benefits to a diverse range of clients, including brokers, carriers, and reinsurers.

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