UK broker Swinton Insurance has selected reconciliation specialist Aurum Solutions to automate its reconciliations.
The integration of Aurum’s automation will enable Swinton Insurance to guarantee accuracy at speed despite the large volume of payments they handle. This, in turn, saves them time and stress over complying with Client Asset Sourcebook (CASS) regulations.
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Every day, Swinton Insurance manages a complex ecosystem of payments, of various sizes, to and from customers and insurance companies. With these transactions taking place frequently and via various methods, paired with the fact that they must comply with CASS rules, it is vital that finance operations at Swinton Insurance operate at an extremely high level of accuracy.
The integration of Aurum’s automation aims to help Swinton Insurance meet this demand both now and in the future.
Moreover, as Aurum’s platform is flexible and scalable, Swinton Insurance will be able to manage higher transaction volumes while maintaining accuracy and financial control, deploy new bespoke reconciliations when needed, and focus on value-adding tasks.
Jayne Logan, Financial Operations Team Leader at Swinton Insurance, said: “We can now get more out of our data, and do so quicker than before, making our role both easier and more impactful. With Aurum, we now have so many different filters that we can easily extract the specific data we need in just a few clicks. What used to be a big job is now simple. The benefits of Aurum go beyond just banking reconciliation; it’s a huge time and money saver that enables us to focus on making improvements throughout the business.”
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By GlobalDataTiago Veiga, CEO at Aurum Solutions, continued: “Reconciliation is crucial for insurance companies. Insurers deal with high transaction volumes, complex data sources, and are subject to stringent regulatory requirements, yet many still use manual legacy processes for reconciliation. This places a huge strain on resources and makes it incredibly difficult to manage these transactions. Automation however leads to faster and more accurate reconciliation, enabling finance teams to spend more time on other strategic activities. Our partnership with Swinton Insurance is another big step forward in our mission of removing the burden of reconciliation from finance teams altogether.”
