It was a real bonus that they shared a culture like ours. We’ve had a great working relationship from the start.
Introduction
Principality Building Society is a group of down-to-earth mortgage and savings specialists. They have been helping people buy and save for homes for over 165 years.
With a strong community focus and a reputation for a trusted service, Principality were focused on maintaining the highest standards of control and security as its financial operations scaled.
The Challenge
Managing over 500,000 members saving and purchasing homes meant Principality were handling high transaction volumes across all 20 of their accounts. Reconciliation was completed manually using spreadsheets, an effective but time-intensive process.
As volumes grew, the team identified the opportunity to streamline operations and began evaluating automation tools to improve efficiency, control and scalability.
The Solution
Principality sought a solution where reconciliation sat at the core of operations, not as an added feature. After speaking with other building societies that had undertaken similar searches and implementations, Aurum Solutions was consistently recommended.
Aurum stood out for its dedicated reconciliation focus, deep sector experience and competitive pricing. The team also valued the collaborative approach demonstrated throughout the demo process, which carried over into implementation.
Delivery and support ensured a smooth onboarding process, building a close partnership from the outset.
The Aurum team have always been quick and responsive, helping us to implement the solution with ease. It was a real bonus that they shared a culture like ours. We’ve had a great working relationship from the start.
Tracy Peterson, Payments and Finance Operations Manager at Principality Building Society
Working alongside Principality, the team began tailoring Aurum to the business's specific needs by conducting a detailed analysis of their accounts. This allowed them to design suitable reconciliation rules and logic for each workflow. Aurum Solutions delivered:
- Bespoke matching
- Configured many-to-one, one-to-many and one-to-one matching
- Deployed across all 20 accounts
- Standardised multiple file formats with ease
- An on-premise solution
- As a building society, this supports their very high security and IT requirements
- Remote access ensures privacy and control over data
The Results
- Matching time reduced from approximately 2 hours to 30 minutes a day
- Fast-tracked onboarding of new team members
- Automatic outputs to support audits
Aurum is efficient, effective and easy to use.
Tracy Peterson, Payments and Finance Operations Manager at Principality Building Society
The Future
As they plan to roll out Aurum across their wider finance function, the team at Principality can rest assured of continued collaboration and access to Aurum’s support team. However, with a solution tailored specifically to their business needs, and an easy-to-use platform, the team are confident they will continue to be self-sufficient.
Aurum was very easy to get our heads around. I can't remember the last time I had to raise a call [to support].
