Moneybox partners with Aurum Solutions to automate reconciliations

One of the UK's most exciting and fastest growing Fintech companies, Moneybox, has announced a new partnership with automated reconciliation software specialist, Aurum Solutions. The collaboration will ensure long-term efficiencies and compliance with regulations so that Moneybox can continue to invest time and resources into customer offerings.

With Moneybox seeing assets under its administration grow by 43% in 2023 alone, over one million customers now using their services, and regulators such as the FCA continually calling for financial firms to automate back-office processes, this is a timely investment for the platform. Continuing manual reconciliation in Excel spreadsheets simply wouldn't have been viable considering how labour-intensive it is exponentially grows as transactional volume increases.

Fortunately, Aurum Solutions' automated, real-time reconciliation technology consists of a selection of fully-customisable solutions that are designed to tackle the challenges of reconciling high volumes at speed and with accuracy whilst assisting with regulations such as CASS. Ultimately, this is what Kaley Addo, Head of Investment Operations at Moneybox, knew was what her team required:

We've experienced significant growth recently, and with this trajectory set to continue we will see the development of more customer-centric products and, in turn, more reconciliations. It’s therefore reassuring to know that we can keep our back-office controls to a high standard throughout this growth period. With the help of Aurum, we won’t have to spend time manually updating Excel or hire new staff to keep on top of reconciliations. Instead, we can direct time and resources towards enhancing customer offerings.

Alongside automating reconciliations, the Aurum platform will also provide customised colour-coding of reports to indicate the speed of transfer payments being allocated and built-in Client Money and Asset Return (CMAR) reports which provide a centralised view of all assets under administration. Collectively, it is estimated that application of the entire Aurum suite will save Moneybox 11 hours per day.

Tiago Veiga, CEO at Aurum Solutions, commented:

Until now, companies have had to rely on time-consuming, out-of-date and error-prone systems that made reconciliation a huge burden on resources. In our view, it’s time to say goodbye to the spreadsheet. Automated reconciliation offers businesses a better line of sight over operations and saves much-needed time in the process, eliminating this burden. Our partnership ensures that Moneybox can scale securely and focus on making its platform and services even better for its customers.

As part of a growing trend of financial services firms and Fintechs adopting automation technology to improve the efficiency and accuracy of their back-office operations, Moneybox hopes that their new partnership with Aurum Solutions will mean that they can sustain high standards of data management whilst freeing up time and resources to enhance their offerings.

To find out the results of digital transforming of their back-office together with aurum.solutions, take a read of Moneybox's case study.