Circit has developed a new product to make the financial audit faster and more effective by removing the paper based processes for businesses. It is solving the long-standing challenge related to audit confirmation requests. For auditors, these are critical pieces of evidence. However, the paper process is time consuming for all parties, including the auditors, banks, solicitors and the businesses themselves. Furthermore, there are major fraud risks that Circit will eliminate, as well as the data security risk due to missing requests in the post.
Founded by David Heath a former auditor and David O’Connor with a financial technology background in banking, the platform was developed with a deep understanding of the benefits to participants on all sides of the audit process, having experienced the challenges first-hand.
Circit can deliver time savings of up to 80% for a firm and reduces the overall turnaround time. In addition, all organisations are validated and users authenticated to ensure only the auditor making the request can open the response, with a detailed audit trail at each stage in the process.
CEO at Circit, David Heath said:
“There has been a missing link to connect these organisations in a highly secure way. We have a major focus on security, but also on design. Auditors have been largely neglected when it comes to software products with a great user experience. Circit gets the job done in a highly efficient manner but also in a way that users have come to expect in their daily applications.
Chief Administrative Officer with Ulster Bank, Ciarán Coyle said:
“At Ulster Bank, innovation is not just a word; it has to provide meaningful help for our customers. When we first met Circit, we were excited because we knew they had the potential to offer real benefits to businesses. We were delighted to offer the support of the Ulster Bank innovation team, which is based shoulder-to-shoulder with the FinTech community in Dogpatch Labs in Dublin. And now, we’re delighted to take this support one step further and link up with Circit to offer customers this fast, safe and secure online audit tool. It’s a great example of Ulster Bank’s investment in innovation and we look forward to continuing our partnership with Circit in the future.”
The company’s backers include Escher Group Holdings plc, Enterprise Ireland and a number of significant angel investors.
Niall McEvoy, Manager, High Potential Start Ups at Enterprise Ireland said:
“Circit is an innovative High Potential Start Up company that is solving a real business problem and has the potential to scale internationally. In the current Fintech environment with open banking and blockchain technologies emerging, it is very exciting to see how Circit will apply its technology to the financial auditing sector. I’d like to congratulate Circit on the partnership with one of Ireland’s leading banks and we look forward to continuing to work with the company as they grow and expand.”