Savings and investment platform Moneybox will receive a boost to its reconciliation services with more automated processing from Aurum Solutions.
The reconciliation software company will integrate its services to enable Moneybox to handle higher transaction volumes and in turn will help expand its product offerings, as well as invest in new app features.
Kaley Addo, Head of Investment Operations at Moneybox, said: “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.”
Moneybox has increased its assets under administration by 43% last year whilst growing to over one million customers. However, this increases the demand of handling more transaction volumes with its pre-existing manual reconciliation processes struggling to meet these new demands.
The integration of Aurum’s automation software aims to combat these challenges by providing real-time reconciliation of transactions. The partnership enables Moneybox to accurately handle increased transaction volumes while reducing manual workload, saving the firm an estimated 11 hours per day on handling reconciliations.
Aurum will also provide additional benefits such as customised colour-coding of reports to indicate the speed of transaction allocated. The solution also has a built-in client money and asset return to provide a centralised view of all assets under management.
Tiago Veiga, CEO at Aurum Solutions, added: “Until now, companies have had to rely on time-consuming, out-of-date and error-prone systems that made reconciliation a huge burden on resources.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.”
