Moneybox partners with Aurum Solutions to automate reconciliations

Moneybox, the savings and investment platform, has announced a new partnership with reconciliation software specialist Aurum Solutions. The collaboration aims to automate Moneybox's reconciliation processes, making it more efficient in handling increased transaction volumes. This move follows a significant growth period for Moneybox, during which it saw a 43% increase in assets under administration in the previous year.

The rapid growth and increasing transaction volumes have overwhelmed Moneybox's manual reconciliation processes, which are both resource-intensive and prone to human errors. According to market estimates, approximately 88% of spreadsheets contain at least one error, making manual reconciliation both time-consuming and unreliable.

Aurum Solutions provides automated, real-time reconciliation technology aimed at tackling these challenges. The company claims that its software will save Moneybox an estimated 11 hours per day in handling reconciliations. This will allow Moneybox to accurately manage higher transaction volumes while reducing manual workloads and errors.

Kaley Addo, Head of Investment Operations at Moneybox, stated, "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."

In addition to automating reconciliations, Aurum’s platform offers other features designed to enhance operational efficiency. These include 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.

Tiago Veiga, CEO at Aurum Solutions, commented, "Until now, companies have had to rely on time-consuming, out-of-date and error-prone systems that made reconciliation a huge burden on resources.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."

The partnership between Moneybox and Aurum Solutions highlights a growing trend in the financial services industry towards the adoption of automation technology to improve efficiency and accuracy in back-office operations. By leveraging Aurum’s automated processes, Moneybox aims to maintain high standards in data management and control, crucial for sustaining its growth and enhancing its service offerings.

The collaboration is expected to provide Moneybox with the tools needed to handle not just current but also future transaction volumes, as the company plans to continue its growth and expansion. As financial services increasingly move towards digital transformation, such strategic partnerships are expected to play a critical role in ensuring operational efficiency and accuracy.