The US Federal Reserve has reportedly selected AutoRek, a global end-to-end financial data control platform, to feature in its FedNow Service Provider Showcase, which connects financial institutions with providers offering real-time payment solutions.
Launching in July this year, the FedNow Service – an instant payments infrastructure developed by the Federal Reserve – will “allow consumers and businesses of every size to send and receive payments in real-time.”
As a provider featured in its showcase, AutoRek has the chance “to offer a number of its instant payment services to US financial services organizations preparing for the new real-time payments system.”
Banks and payments firms “can browse the key features of AutoRek that will help them implement and improve instant payments – including data management, automated real-time reconciliations and MI, accurate and transparent reporting, and automated workflows.”
Nick Botha, Global Payments Sales Manager at AutoRek, said:
“The Federal Reserve’s new FedNow service will be a game-changer for real-time payments in the US. So we’re thrilled to have been recognized by the Federal Reserve for our ability to support institutions with the safer, faster transfer of money. As part of the FedNow community, we know we’ll be able to add huge value to all organizations embarking on the journey of instant payments. With our solutions, banks and payments companies will be able to save time, increase efficiency and scale at speed while ensuring complete financial control across their business.”
Nick Stanescu, Federal Reserve Bank Senior Vice President and FedNow Business Executive added:
“We appreciate the commitment of AutoRek to enabling FedNow adoption and participating in the showcase. The time is now for organizations to identify and connect with partners they’ll need to build the end-to-end solutions the market is demanding.”
For more details on this update, check out AutoRek’s profile in the FedNow Service Provider Showcase.
As noted in the update, AutoRek claims that it is “a leading software provider to companies in the global financial services sector.”
An industry player at the “forefront” of financial data management, AutoRek’s customisable rules driven platform “allows firms to automate and streamline the collection, validation and reconciliation of data.”
This facilitates “the necessary transparency to fulfill regulatory obligations and ensure good governance.” Efficiency and cost reduction are “delivered by eliminating spreadsheets and manual processing, as well as mitigating operational and regulatory risk associated with managing high volumes of data.”
Its clients span “the asset management, banking and insurance sectors and include retail, investment and commercial banks.
Headquartered in Glasgow, with offices in Edinburgh, London and New York, the firm “has over 150 employees, with extensive experience in finance, regulation and technology.”
Corporate social responsibility is “at the heart of AutoRek’s ethos, and it is involved in a number of initiatives to reduce waste, help local communities and create a positive work environment for its employees.”