Federal Reserve Selects AutoRek to Feature in FedNow Service Provider Showcase

  • The U.S. Federal Reserve has selected AutoRek to feature its technology in its FedNow Service Provider Showcase.
  • The showcase will give the Scotland-based company the ability to offer its payments technology, including automated reconciliation software, to financial services providers in the U.S.
  • AutoRek made its Finovate debut earlier this year at FinovateEurope 2023.

AutoRek, an end-to-end financial data control platform, has been selected by the U.S. Federal Reserve to feature in its FedNow Service Provider Showcase. The Showcase connects financial institutions with providers that offer real-time payment solutions. As a featured provider, AutoRek will have the opportunity to “offer a number of its instant payment services to U.S. financial services organizations preparing for the new real-time payments system.”

The FedNow Service is an instant payments infrastructure developed by the Federal Reserve. Going live in July, the technology will enable consumers and businesses alike to send and receive payments in real-time. The Federal Reserve launched its FedNow Service Provider Showcase just over a year ago in March. The Showcase is an online resource that facilitates connections between financial institutions and businesses looking to adopt the FedNow service with service providers in the instant payments space. AutoRek offers banks and payments companies the ability to implement and improve on instant payments with solutions for data management, automated real-time reconciliation and machine learning, reporting, and automating workflows.

“As part of the FedNow community, we know we’ll be able to add huge value to all organizations embarking on the journey of instant payments,” AutoRek Global Payments Sales Manager Nick Botha said. “With our solutions, banks and payments companies will be able to save time, increase efficiency and scale at speed while ensuring complete financial control across their business.”

AutoRek made its Finovate debut earlier this year at FinovateEurope in London. At the conference, the company demoed its global automated reconciliation software. The technology leverages machine learning and other technologies to help financial institutions better manage high-volume reconciliation challenges, improve auditability, and reduce operating costs.

Founded in 1994 and headquartered in Glasgow, Scotland, AutoRek rebranded in February of this year to better position itself to enter new growth sectors, such as payments. The company, which has tripled in size since 2020, has more than 100+ leading financial services clients and has processed more than 2.4 billion transactions since inception.

“At a time when technological developments are happening at a faster rate than ever before, anticipating where the market is going next is the only way to stay at the cutting edge,” AutoRek founder and CEO Gordon McHarg said when the rebrand was announced earlier this year. “And this rebrand represents AutoRek’s commitment to and belief in the need for continuous innovation.”

Photo by Keith Proven