Circit selected by AIB to help audit process work better
Technology developed by Irish fintech to help bank’s business customers with auditing
Peter Vance of AIB pictured with Circit chief executive David Heath
Circit has developed a financial management platform that not only cut the time it takes to do audits by up to 80 per cent, but also provides real-time visibility of audit confirmations to reduce security risks.
Circit’s technology benefits banks by giving them a secure digital channel for managing requests from auditors. It also provides audit firms with the opportunity to connect directly to the back-end system of a financial institution to gain real-time independent evidence.
“We’re very excited to partner with AIB and offer an end-to-end solution that can fully automate the verification of corporate accounts. Together, we will work to roll out our new technology to the bank’s business customers and drive positive digital experiences for all parties involved,” said Mr Heath, Circit’s chief executive.
Circit earlier this year raised over €1 million in a funding round led by entrepreneur Harry Largey’s Commodore Investments with participation from Enterprise Ireland. Other participants included Mr Brown, who is now chief executive at Sainsbury Bank, John Power, former General Manager at AIB, and Peter Gray, ex-KPMG and chief executive of ICON.
“We’re proud to work with Irish fintech company Circit to enable our business customers to securely authorise audit confirmation requests,” said Peter Vance, head of customer services at AIB.