AutoRek selected as Bank of England data management tender

BofE interest rates highlights importance of payments innovation

AutoRek has deepened its list of clients, announcing a new partnership with The Bank of England.

It comes after a competitive tender that saw the bank eventually opt for AutoRek to automate its reconciliation processes and achieve increased efficiencies. 

The two-phase project will work across both finance and operations and provide a centralised platform for their daily and monthly reconciliation tasks.

Autorek underlines that its key benefits are offering clients enhanced control over data, accurate matching at transaction level mitigating risks, deeper insights into the process and a plethora of other subjects. 

Gordon McHarg, Managing Director commented on the news: “It is a testament to the whole AutoRek team that we have been able to successfully engage with an institution such as the Bank of England. As we enter our 25th year of operations we have and continue to work with a broad range of leading Insurance, Investment Management and Banking organisations. 

“I look forward to AutoRek delivering value and efficiencies for the Bank as we move into the implementation phase.”

It comes after last March’s report by a Commons Select Committee, which underlined the need for a complete overhaul in the central bank and the way it utilises technology. 

At the time of the report’s release, the Chair offered the following statement: “The Bank of England wants to overhaul its ways of working but it is still not clear what this will mean in practice.

“Without a coherent vision it will not be possible for the Bank to make informed decisions about the people, technology and locations it needs.

“Poor preparation has been the ruin of many projects examined by the Public Accounts Committee and, indeed, runs counter to the Bank’s own ethos.”

The statement added: “While we are encouraged by the Bank’s commitment to develop a clear vision, the devil is in the detail and we expect the Bank to explain how it will ensure financial savings and other benefits are realised.

“We would also like clarity on the action it will take to meet its diversity targets, rationalise its property portfolio and modernise processes that are, in many cases, needlessly complex and costly.

“It was concerning to learn that staff had faced no disciplinary action for violating the Bank’s outmoded procurement policy some 200 times in a year.

“The Bank’s credibility is at risk if it is perceived as failing to keep its own house in order. As part of this transformation project, we urge it to aim for 100 per cent compliance with all its policies.”

Expert Analysis: The significance of this decision can’t be understated, the Bank of England represents a key partnership for AutoRek, as well an affirmation of the firm’s well regarded offering.