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AutoRek: tackling CRS and FATCA compliance problem with reconciliation technology

Several different approaches to helping corporate treasury departments comply with the new CRS and FATCA regulatory requirements are emerging as suppliers recognise that one of the biggest problems in corporate treasury today is regulatory compliance, Thomson Reuters analysis shows:

Source & Copyright©2015 - Thomson Reuters

These solutions are coming at the problem from very different starting points. The good news is that corporate treasury departments are starting to have a range of alternatives for solving the compliance problem.

AutoRek bank statement reconciliation solution

AutoRek have been providing bank statement reconciliation services for corporates for many years. Fully automated bank statement reconciliation is a complex and multi-faceted process which needs to solve many different problems, including:

  • difficulties handling the volume of reconciliations
  • bank statements lacking information about the transactions
  • bulk amounts in statements/GL comprising many individual items
  • timing differences
  • bank charges/fees altering individual transaction amounts
  • exchange rates varying between internal accounting systems.

AutoRek have developed a standardised process which involves using business rules, which are configured using “wizard” programs very similar to the “wizard” programs Excel, to set up their bank statement reconciliation five step process:

Source & Copyright©2015 - AutoRek

AutoRek can “hotlink” Microsoft Excel to the AutoRek database, allowing you to use Excel as an AutoRek reporting tool. This is useful for performing ad-hoc analysis, and for creating reports for senior management who do not want to log onto AutoRek to get their MI. Enabling companies to create their own linked Excel dashboard, for example:

Source & Copyright©2015 - AutoRek

 

This bank statement reconciliation system is used by major companies world-wide. 

Autorek - CRS and FATCA solutions

Using their well proven reconciliation technology AutoRek have been able, as they put it, “to unlock CRS and FATCA”. They have identified three areas where specialist data management technology can be applied to help corporates’ regulatory and compliance control regimes for CRS and FATCA:

  1. high-volume & real-time data management
  2. scalable, flexible solution
  3. understanding your data.

Using their rules-based approach, as shown below, enables to offer a full CRS and FATCA service:

Source & Copyright©2015 - AutoRek

Reporting to tax authorities

AutoRek’s reporting platform supports output of management reports and XML formats required for regulatory reporting. This includes support for the currently defined FATCA XML reporting standards.

Using their their technology AutoRek claim they offer complete functionality to manage the reporting to local tax authorities, as figure below shows:

Source & Copyright©2015 - AutoRek

AutoRek are also fully prepared for the key CRS dates in 2016 and 2017.


CTMfile take: The AutoRek CRS and FATCA compliance service joins several other offerings including those from Thomson Reuters - see, Clarient Entity Hub - see, and others. For some corporates who already use AutoRek the simple step of adding CRS and FATCA compliance could be a natural next step because CRS and FATCA compliance is unavoidable. Corporate treasury departments need technology solutions to help them solve the regulatory problem which continues to grow.

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