Omnio selects Scottish FinTech AutoRek for reconciliation solution

By Megha Bhattacharya

UK-based Omnio has selected Scottish FinTech AutoRek for its reconciliation solution. AutoRek will be providing the core reconciliation solution, including internal and external reconciliations between Omnio’s payment processors, bank accounts and ledger system. Replacing the operations team’s manual processes on Excel by providing end-to-end automation, AutoRek’s solution will facilitate increased efficiency and control, as well as provide automated reporting and real-time Management Information to ensure the team’s business users and management are provided with quality MI through a variety of dashboards to fulfil their daily activities at the optimal level.

Laurence Sproston, Head of Reconciliations and Settlements at Omnio, commented, “We approached AutoRek to provide us with a solution to help automate our reconciliation processes. Our main goal in pursuing this partnership is to save time, costs and ensure operational resilience as we move forward to a new way of working. The AutoRek team adopts a collaborative approach for implementation and have provided us with an automated solution ensuring our regulatory, data integrity, workflow and management information needs are met.”

Recently, AutoRek announced a partnership with Nationwide for the provision of cloud-based financial controls and data management platform for an initial period of three years with the option of a two-year extension.

Gordon McHarg, CEO at AutoRek, added, “We are pleased to welcome Omnio to our increasingly growing client portfolio. The payments industry is evolving rapidly and we are proud that AutoRek’s capabilities meet the challenges facing the industry including volume of data. We are looking forward to establishing a good relationship with Omnio and building upon it over the years.”

Nick Botha, Banking and Payments Lead at AutoRek, who led the deal commented, “We are delighted to be working with the Omnio team. Following the turbulent year defined by COVID-19 and with the constant changes taking place in the digital banking and payments world, we are extremely proud that Omnio have selected the AutoRek solution to be the glue between their internal and external systems.”