Circit, an audit verification platform, has today announced a strategic partnership with 10x Banking, the cloud-native core banking platform, to provide banks an improved and more efficient way of managing audit confirmation requests from accounting firms, ultimately reducing audit costs and audit overruns for Corporate and SME banking customers.
Accessing trusted evidence for audit firms is critical, and none more so than the bank audit confirmations to verify balances and transactions. Used globally by banks, auditors, and businesses, the partnership combines 10x’s pioneering meta core platform with Circit’s integrated platform to fully automate all the processes associated with receiving and responding to audit confirmation requests.
With the integrated partnership, some key benefits for the bank can be realised by the ability to communicate directly with auditors, raising queries or seeking clarity through the platform. Furthermore, the 10xBanking / Circit integration delivers the bank a single dashboard for managing requests in real-time, automating many of the manual steps currently being used today.
Commenting on the partnership, Okan Ozaltin, Chief Product Officer at 10x Banking, said:
“Banks are looking for ways to modernise their technology stacks, and provide solutions that offer best outcomes to their Corporate and SME banking customers. Through connecting with Circit’s open API architecture, this is another step in helping banks achieve true digital transformation and the complete elimination of email, post and almost all manual intervention from the confirmations process, directly within the 10x Banking platform.”
Bart van Praag, Chief Commercial Officer at Circit:
“10x Banking’s commitment to providing innovation, efficiency and better outcomes is why partnering just made sense. We look forward to leveraging each other’s strengths and maximise the use of technology to drive quality and efficiency improvements for banks.”
About Circit
Circit is an audit evidence collection and verification platform for evidence providers and firms to verify the world's assets at source, helping to save time on consolidating requests. Circit offers banks and other evidence providers a secure digital solution to gain an overview of all requests and respond in a timely and efficient manner.
Circit’s platform is used by banks, auditors, and businesses around the world to streamline the audit process and reduce the risk of fraud and human error.
About 10x Banking
10x Banking is a cloud-native core banking platform designed for financial institutions. Founded by former banking executives and built by technologists, the 10x platform offers unparalleled security, scalability, and speed. The company’s unique 'meta core' approach provides financial institutions with the fastest, most cost-effective path to cloud-native transformation. 10x Banking is B-Corp certified and has a global presence inLondon, Sydney, and Singapore, supported by world-class investors includingBlackRock and J.P. Morgan.
