- Automated reconciliation software company AutoRek has announced a partnership with JP Morgan Payments.
- The partnership will help insurance companies better manage financial data flows from banking sources.
- AutoRek made its Finovate debut at FinovateEurope 2023 in London.
Automated reconciliation software provider AutoRek has teamed up with JP Morgan Payments to enhance premium processing for insurance companies. The partnership will help insurance firms better manage financial data flows from banking sources, as well as improve their ability to manage cash allocation, matching, and credit control.
“Working with a specialist company like AutoRek will complement our existing solutions to help deliver an end-to-end solution across the entire insurance value chain,” JP Morgan Payments Head of Insurance, EMEA, Darren Snoxell said. “Together we will deliver tangible benefits to brokers, carriers, reinsurers, multinational insurance programs, captives, and across the London Market. We look forward to working with the team.”
Processing nearly $10 trillion payments a day, JP Morgan Payments operates in more than 160 countries and transacts in 120+ currencies. The firm combines treasury services, trade and working capital solutions, and card and merchant services to facilitate payments to both customers and employees around the world.
“We are proud of this partnership, which presents a powerful combination of proven solutions, and will deliver optimal results for clients in the insurance market,” AutoRek Global Insurance Lead Piers Williams said. “By working together, we will unlock many opportunities for insurance firms to streamline the premium receivables process. This will help them to increase efficiency, accelerate cash flow, reduce write-offs and enhance controls.”
Headquartered in Glasgow, Scotland, AutoRek made its Finovate debut at FinovateEurope 2023. At the conference, the company showed how its automated reconciliation technology helps banks, insurance firms, building societies, and other financial services companies overcome high-volume reconciliation challenges, improve auditability, and keep operating costs low.
Earlier this month, AutoRek was named “Best CASS Solution” at the Systems in the City Fintech Awards 2024. The recognition marked AutoRek’s fifth consecutive win in this category. In May, the company announced that insurance broker Howden had selected AutoRek to drive digital transformation and boost efficiency for a number of key back-office processes using intelligent automation.
“Insurer statement reconciliations are especially onerous on our resources and we expect AutoRek to significantly reduce the expenditure of effort in this area, which in turn will not only enhance our service to our markets, but will also release our staff to concentrate on more value-added tasks,” Howden Head of IBA UK Operations Guy Turner said. “We are very much looking forward to deploying the solution in this regard.”
AutoRek was founded in 1994. Gordon McHarg is CEO.
Photo by Pixabay
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