Streamlining Financial Operations | AutoRek | Money20/20 Europe

At Money20/20 in Amsterdam, Nick Botha, Global Payments Sales Manager at AutoRek, shared valuable insights into the transformative role of automation in financial services.

AutoRek is an end-to-end financial controls platform that focuses on automating data management processes, reconciliations, and reporting to enhance operational efficiency and reduce costs.

The Importance of Automation in Payments

“Reconciliation is a huge part of any payments business,” Botha emphasized.

In financial services, where scalability is paramount, manual processes can lead to operational headaches and increased costs.

AutoRek addresses these challenges by automating manual tasks, which not only creates operational efficiencies but also significantly reduces costs. This, in turn, can lead to increased revenues over time.

“Organizations need to automate to scale effectively and generate more revenue,” Botha noted.

The Role of AI in Financial Controls

AI in financial services is gaining traction, and AutoRek is strategically integrating AI into its platform. While the company currently utilizes machine learning technologies, it plans to introduce Microsoft AI products to further enhance its offerings.

Nick Botha highlighted that the use of AI must be effective and controlled, ensuring that the power of control remains with the team rather than the technology.

Addressing Legacy Systems and Transformations

Many long-standing organizations grapple with legacy tech stacks, which can be costly to upgrade. However, there is a significant focus on finance and operational transformation projects within the industry.

“Ignoring the need for technological upgrades will leave you trailing behind competitors,” Botha warned. He advised leveraging industry partnerships, learning from competitors, and collaborating with audit firms, technology firms, and consultancies to facilitate these transformations.

Safeguarding Regulations and Future Plans

AutoRek is also heavily involved in safeguarding regulations, particularly for EMIs. The company is developing a standardized approach to ensure firms meet regulatory requirements efficiently. Botha announced that AutoRek are planning to launch an out-of-the-box safeguarding solution in the second half of the year, which will be the first of its kind in the market. This solution aims to help organizations across Europe and globally, as safeguarding regulations are being adopted worldwide.

The Value of Money20/20

Reflecting on Money20/20, Botha expressed his enthusiasm: “I absolutely love Money20/20. We’ve been coming here for about five years now.” He emphasized the event’s value for networking and business generation.

For AutoRek, Money20/20 is a key event for brand awareness and building business relationships, making it a vital part of their annual plan.

AutoRek continues to innovate and support the financial services industry through automation, AI integration, and regulatory compliance. The insights shared by Nick Botha at Money20/20 Europe highlight the company’s commitment to driving efficiency and transformation in the payments sector.