The integration of Aurum’s next-generation automation will allow Swinton to handle an increasing volume of payments with greater speed and accuracy, accelerating the completion of banking reconciliations by 97% and easing the compliance demands of the Client Asset Sourcebook (CASS) regulations.
Each day, Swinton Insurance manages a complex array of payments to and from customers and insurance providers, involving various transaction sizes and methods. Given the frequency of these transactions and the necessity to meet CASS compliance standards, it’s crucial that Swinton’s finance operations maintain exceptional accuracy. Aurum’s automation solution aims to help Swinton meet this need now and into the future. Aurum’s flexible and scalable platform enables Swinton to manage rising transaction volumes without compromising financial control, allowing the company to implement custom reconciliations when required and focus on high-value tasks.
Jayne Logan, Financial Operations Team Leader at Swinton Insurance, spoke to the benefits of the Aurum system, stating, “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.”
Tiago Veiga, CEO at Aurum Solutions, emphasised the importance of automation in the insurance sector: “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.”
He added “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.”
The Aurum system offers several key benefits for Swinton Insurance. Speed is paramount, as Swinton handles thousands of card transactions daily. Aurum’s software imports data from payment providers, retrieves bank statements, and completes reconciliations in minutes. On a monthly basis, Swinton reconciles tens of thousands of transactions with third parties, a process that other software providers had previously stated was not feasible. However, with Aurum’s advanced matching logic, this reconciliation is now fully functional, accurate, and efficient. Additionally, Aurum’s platform facilitates auditing by providing a complete audit trail of all transactions. This allows Swinton Insurance to easily access and share any specific transactional history auditors may request.
Through its partnership with Aurum Solutions, Swinton Insurance has gained a powerful automation tool that supports its growth and efficiency goals. By streamlining complex reconciliations, Swinton can maintain high standards of accuracy and compliance while reallocating time and resources toward strategic business improvements.
