Financial audit revolution as Circit brings Open Banking to the audit profession

Financial audit revolution as Circit brings Open Banking to the audit profession
22.03.2019 07:11 am

Financial audit revolution as Circit brings Open Banking to the audit profession

Banking

Circit, the innovative audit confirmation platform, is pleased to announce it has been granted registration as an Account Information Service Provider (“AISP”) by the Central Bank of Ireland (“CBI”). Regulation by CBI paves the way for Circit to connect auditors with independent sources of audit evidence held by the banks of their client companies.

Circit was founded in Dublin in 2017 to introduce technology into the audit process to enhance efficiency; reduce the potential for fraud; and minimise cost for all stakeholders in the audit process.

Circit’s secure, easy-to-use platform transforms the audit process for its users, removing the fraud risk associated with the paper confirmation request process and enabling the process of audit confirmation requests on a real-time basis. Circit’s platform can reduce confirmation and reconciliation times from days to seconds. Used by auditors, solicitors and banks, the platform removes the administrative burden from all parties and enables a seamless, hassle free confirmation. 

Regulation by the Central Bank of Ireland will accelerate Circit’s growth in Ireland, the UK and Europe.

David Heath, Circit CEO, said: “Regulation by the Central Bank of Ireland represents an exciting step for Circit and will accelerate our growth. Our platform is built by auditors for auditors, addressing an unmet need for external bank confirmations and bringing fintech capability to the SMEs and Large Corporates who require a timely audit sign-off.

Circit automates many of the most time-consuming, traditional processes which have held the profession back in recent years. We also work closely with banks to remove significant cost from their operations and to help them to deliver a digital service to their business customers.

Following regulation in Ireland, our next objective is to achieve regulation by the UK’s FCA which will facilitate growth in the UK audit market.”

Head of Strategy and Development with the Fintech & Payments Association of Ireland, Michael Concannon said: “We monitor the PSD2 and Open Banking landscape closely and Circit is the first out of the blocks as an Irish registered AISP. Its innovative application of the regulation is a great example of where significant value can be added to multiple stakeholders in the business ecosystem.”  

Related News

Video Banking Helps Banks Extend Financial Services to New Locations

Video banking technology provides banks with the ability to extend their services to more customers at a lower cost than full-service branches

Another banking... Read more »

Silicon Valley Bank Serves As Lead Arranger For £50 Million Financing For Draper Esprit

Silicon Valley Bank (SVB), the bank of the world’s most innovative businesses and their investors, today announced that it led a... Read more »

Tata Consultancy Services Announced that KGI Bank Deployed TCS BaNCS for its Next Phase of Growth

Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, announced that its customer, KGI Bank in... Read more »

HSBC Announces Digital Accounts Receivable Tool Built on Identitii’s Tokenisation Technology

Identitii Limited (Identitii, Company) (ASX:ID8), an Australian FinTech enabling the secure overlay of... Read more »

Raiffeisen Bank International Opens Foreign Nominee Securities Account with NSD

National Settlement Depository (NSD), Russian central securities depository, continues to develop services integrated into the global financial system. Raiffeisen Bank... Read more »

The Wealthy Want Personalized Services Enhanced By Technology Highlights New Forbes Insights and Temenos Report

Wealth managers believe that delivering highly personalized services is essential to achieve a competitive differentiation but a third of are unable to personalized service to... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel