AutoRek partneres with AccessPay

The collaboration aims to simplify the end-to-end retrieval, reconciliation, and reporting of banking data, eliminating manual inefficiencies and risks. AccessPay tackles these inefficiencies by retracing and aggregating bank statement data from multiple institutions in a single, secure format. Adding automation, mutual clients can initiate payment instructions within AutoRek, which are sent and executed by AccessPay.

Optimised end-to-end data retrieval and reconciliation

Operational teams often retrieve bank statements manually, accessing banking portals to generate, download, and format the required data. When firms operate with multiple banks, the process must be repeated before a complete dataset is ready for reconciliation.

To automate the process, AutoRek designed a pre-configured data ingestion step to lead the AccessPay statement format to drive its automated reconciliation engine. The solution automates data validation, identification of exceptions, and reporting. AutoRek dashboards provide real-time insight and auditability into all stages of the reconciliation process.

The solution is optimised due to the demand for a single bank data feed, replacing multiple and varied formats received from different banks. Ongoing maintenance and the ability to scale the business are greatly improved. The partnership will offer a convenient process for financial operation teams to source data, process it through reconciliation and reporting, and arrive at a final resolution. This will optimise efficiency, reduce risk, and enhance control.

AutoRek’s mission is to collaborate with ecosystem partners to accelerate the time to value for its clients and raise the standards for trust in financial operations. By partnering with AccessPay, the company aims to help simplify critical end-to-end reconciliation processes, offering a standards-based approach. The joint solution will reduce risk and increase operational effectiveness for finance and operations teams.

AccessPay aims to eliminate long-lasting risks in the data retrieval, reconciliation, and payments processes. By combining its bank statement retrieval and data aggregation features with AutoRek’s reconciliation engine, the company offers firms an upgraded level of automation and control.