AutoRek, the financial data management expert, has delivered its Client Money reporting solution to automatically provide essential Client Money controls within the Bank-to-Ledger Reconciliations performed by its AutoRek Reconciliation software.
This Client Money functionality, sitting alongside a powerful auto-reconciliation tool, will make it much easier for firms to report and audit their Client Money positions, a task which has traditionally been both labour intensive and time consuming for most organisations. In fact, the work that is needed to comply with Client Money regulations has often restricted firms' ability to engage in defect resolution and other key tasks that could be deliver greater value to the business.
Scottish Friendly Assurance was one of the first customers to benefit from AutoRek's automated Client Money solution. The firm had already been making extensive use of AutoRek's core functionality for grouping its outstanding transactions into business specific areas, but the addition of this new Client Money functionality helped Scottish Friendly to keep up with the industry's ever-increasing compliance demands, since it was able to prepare a suite of detailed Client Money reports - twice daily - for each of the reconciliations that it was managing.
Liam Gilmore, Head of Finance at Scottish Friendly says: "The addition of a Client Money component demonstrated AutoRek's ability to add functionality to its existing product in a way which is efficient to use and makes best use of the data already there. We were very impressed with the quality of this solution and the professionalism of the team at AutoRek.'
Jim Muir, Director of AutoRek says: "Across the financial sector, the need for greater control and transparency in accounting practices has never been more significant, and we were pleased to provide Scottish Friendly with a solution that helped to address this challenge. All financial services organisations need to ensure that they are fully up to speed with their reconciliation processes, so that they can clearly demonstrate their compliance with the FSA's Client Money regulations."
Notes for Editors
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AutoRek is a leading global provider of expert financial data management software. AutoRek's solutions incorporate high performance reconciliation software, cash applications and compliance products - enabling reduced costs and increased control and visibility over the entire financial process. AutoRek can be contacted in the United Kingdom at their Head Office on 193-197 Bath Street, Glasgow, G2 4HU (Tel: +44(0) 141 229 5300). www.autorek.com.