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

Peter Vance of AIB pictured with Circit chief executive David Heath

 

Irish fintech company Circit has partnered with AIB to help its more than 200,000 business customers manage the auditing process better.

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.

The company, which recently raised €1.1 million from backers that include former Ulster Bank chief executive Jim Brown, was founded by David Health and Sean Kenny in 2017.

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.

Funding

“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.

Over two hundred audit firms, including Deloitte and PwC, are on Circit’s platform.

“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.