Doo Group’s Doo Clearing, a UK-based forex broker and liquidity provider, has partnered with Aurum Solutions to automate its reconciliations. Announced today (Thursday), the integration will enable the broker to comply efficiently with the Financial Conduct Authority’s Client Asset Sourcebook (CASS) regulations.
Saving Time and Cost
“The benefits of Aurum aren’t just about cost and time savings; the platform has been instrumental in ensuring we meet regulatory requirements and maintain the highest standards of operational integrity,” said Nadine Howard, CEO and Director at Doo Clearing.
“This has given us—and the FCA—confidence that we’re fully compliant and has freed up our team to focus on delivering value for our customers.”
Brokers regulated by the FCA must perform accurate and regular reconciliations of client assets to identify discrepancies. Although such activities can be done manually, they require significant time and resources.
Doo Clearing highlighted that integrating Aurum’s solution will save the company an estimated two hours daily and reduce reconciliation time by 92 per cent.
“Being a small team, we all wear many hats to keep the business running smoothly. Automating our reconciliations has been a game changer in reclaiming valuable time and enhancing productivity,” Howard added.
Efficiency Through Automation
Aurum offers reconciliation software that automates companies’ day-to-day processes. It also supports multi-party reconciliation, allowing three-way reconciliation to be performed when balancing operational accounts against those held in client trading accounts, along with the creation of detailed reports.
“Manual reconciliation is a major challenge for finance teams,” said Tiago Veiga, CEO at Aurum Solutions. “Particularly for smaller businesses, sifting through financial records manually takes up valuable time that would be better spent on growth and revenue-generating activities. Automating this process achieves a much higher level of operational efficiency and accuracy, which is critical for meeting stringent regulatory requirements like CASS.”
Meanwhile, the FCA enforces strict reporting requirements. Recently, the regulator fined Infinox approximately £99K for discrepancies in its CFDs transaction reporting.
Doo Group’s Doo Clearing, a UK-based forex broker and liquidity provider, has partnered with Aurum Solutions to automate its reconciliations. Announced today (Thursday), the integration will enable the broker to comply efficiently with the Financial Conduct Authority’s Client Asset Sourcebook (CASS) regulations.
Saving Time and Cost
“The benefits of Aurum aren’t just about cost and time savings; the platform has been instrumental in ensuring we meet regulatory requirements and maintain the highest standards of operational integrity,” said Nadine Howard, CEO and Director at Doo Clearing.
“This has given us—and the FCA—confidence that we’re fully compliant and has freed up our team to focus on delivering value for our customers.”
Brokers regulated by the FCA must perform accurate and regular reconciliations of client assets to identify discrepancies. Although such activities can be done manually, they require significant time and resources.
Doo Clearing highlighted that integrating Aurum’s solution will save the company an estimated two hours daily and reduce reconciliation time by 92 per cent.
“Being a small team, we all wear many hats to keep the business running smoothly. Automating our reconciliations has been a game changer in reclaiming valuable time and enhancing productivity,” Howard added.
Efficiency Through Automation
Aurum offers reconciliation software that automates companies’ day-to-day processes. It also supports multi-party reconciliation, allowing three-way reconciliation to be performed when balancing operational accounts against those held in client trading accounts, along with the creation of detailed reports.
“Manual reconciliation is a major challenge for finance teams,” said Tiago Veiga, CEO at Aurum Solutions. “Particularly for smaller businesses, sifting through financial records manually takes up valuable time that would be better spent on growth and revenue-generating activities. Automating this process achieves a much higher level of operational efficiency and accuracy, which is critical for meeting stringent regulatory requirements like CASS.”
Meanwhile, the FCA enforces strict reporting requirements. Recently, the regulator fined Infinox approximately £99K for discrepancies in its CFDs transaction reporting.
This post is originally published on FINANCEMAGNATES.
