AutoRek, the leading financial data management provider, has today announced that its reconciliation platform has been selected by Torus, the global specialty insurer. Torus has chosen to implement AutoRek’s solution for its ability to automate the company’s bank reconciliation process and enhance cash management across the organisation.
Torus, which handles thousands of cash transactions each year, selected AutoRek to help maintain a holistic approach to cash management. To bolster the efficiency and quality of financial governance, AutoRek will integrate its reconciliations platform with Torus’ existing data warehouse and create a central repository for all bank and broker information.
As part of the initial deployment, AutoRek will deliver a structured tool that manages financial information and aligns data feeds so that Torus can automatically match bank statements with specific transactions or reconcile multiple sources including end-of-day settlements. AutoRek will also enable Torus to store all transactional banking data in a single location so that the insurance provider can generate a more comprehensive view of its accounts.
James Harrison, group chief information officer at Torus, explains the decision to implement AutoRek’s software: “AutoRek understands our business needs and will provide access to a tool that boosts efficiency and improves the quality of our cash validations. AutoRek’s reconciliation platform will develop our ability to automatically handle thousands of complex transactions which will enhance the accuracy of our cash management and streamline existing processes.”
Gordon McHarg, managing director at AutoRek, comments on the Torus engagement: ““We are delighted to add Torus to our growing list of global clients. AutoRek offers an integrated cash reconciliation and financial controls platform which reduces the risk and cost of critical financial operations. We pride ourselves on customer service and technological innovation and look forward to working with Torus to deliver a best practice cash management reconciliation solution.”
