Principality fast-tracks reconciliation across 20 different accounts with Aurum.

Introduction

Principality Building Society is a group of down-to-earth mortgage and savings specialists. They have been helping people buy and save for homes for over 165 years.

With a strong community focus and a reputation for a trusted service, Principality were focused on maintaining the highest standards of control and security as its financial operations scaled.

The Challenge

Managing over 500,000 members saving and purchasing homes meant Principality were handling high transaction volumes across all 20 of their accounts. Reconciliation was completed manually using spreadsheets, an effective but time-intensive process.

As volumes grew, the team identified the opportunity to streamline operations and began evaluating automation tools to improve efficiency, control and scalability.

The Solution

Principality sought a solution where reconciliation sat at the core of operations, not as an added feature. After speaking with other building societies that had undertaken similar searches and implementations, Aurum Solutions was consistently recommended.

Aurum stood out for its dedicated reconciliation focus, deep sector experience and competitive pricing. The team also valued the collaborative approach demonstrated throughout the demo process, which carried over into implementation. 

Delivery and support ensured a smooth onboarding process, building a close partnership from the outset.

Working alongside Principality, the team began tailoring Aurum to the business's specific needs by conducting a detailed analysis of their accounts. This allowed them to design suitable reconciliation rules and logic for each workflow. Aurum Solutions delivered:

1. Bespoke matching

• Configured many-to-one, one-to-many and one-to-one matching
• Deployed across all 20 accounts
• Standardised multiple file formats with ease

2. An on-premise solution

• As a building society, this supports their very high security and IT requirements
• Remote access ensures privacy and control over data

The Results

• Matching time reduced from approximately 2 hours to 30 minutes a day
• Fast-tracked onboarding of new team members
• Automatic outputs to support audits 

The Future

As they plan to roll out Aurum across their wider finance function, the team at Principality can rest assured of continued collaboration and access to Aurum’s support team. However, with a solution tailored specifically to their business needs, and an easy-to-use platform, the team are confident they will continue to be self-sufficient.