Regtech: Glasgow-based AutoRek Partners with Nationwide to Offer Data Management and Cloud-powered Financial Controls

Glasgow-headquartered AutoRek, a firm that provides financial controls and regulatory reporting software, has teamed up with Nationwide to offer a data management solution and cloud-powered financial controls for a three-year period, with a two-year extension plan.

Gordon McHarg, managing director at AutoRek, stated:

“I am really pleased to welcome an organisation of Nationwide’s calibre to our list of clients. We are looking forward to building a good working relationship with the team and providing them with our experience in helping leading financial services firms better understand their transactional data.” 

McHarg added:

“This is a landmark deal for AutoRek and the result of an extraordinary team effort on both sides.”

As noted by the vendor, the initiative will be rolled out in different phases and will offer ATMs,  cards, payments, mortgages, and substantiation. As confirmed by the AutoRek team, the platform can handle attestation and reconciliation processes.

Ian Williams, director of financial control and operations at Nationwide Building Society, noted:

“After a thorough tender process, we were impressed with the quality of the AutoRek tool, its speed, adaptability and robustness.”

AutoRek was recently chosen by the Bank of England, after a competitive tender.

The AutoRek team has been working cooperatively with investment management firms, banks and insurance providers. Its head offices are based in Glasgow with additional offices located in Edinburgh, London and New York. The company plans to enhance the efficiency of financial data management by reducing costs while ensuring that companies are following appropriate regulatory reporting requirements.

As mentioned on its website, the AutoRek software can “ease the task of meeting the regulatory obligation of client money / client asset protection.” 

The AutoRek software also offers: 

  • the ability to manage your data in a seamless manner, “putting the power in your hands when it comes to automated systems;”
  • robust automated reconciliation software tools that reduce risk, improve control and enhance efficiency;
  • assistance with automating data management and help with processing your regulatory reports.
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