Tech firm Circit has been approved as an Account Information Service Provider by the Central Bank, allowing it to offer its online audit confirmation platform to accountants. 

Central Bank regulation paves the way for Circit to connect auditors with independent sources of audit evidence held by the banks of their client companies.

The Dublin company was founded in 2017 to introduce technology into the audit process to enhance efficiency, reduce the potential for fraud, and minimise cost for all involved in the audit process.

The company says that its platform automates one of the most critical parts of a financial audit, reducing the process from 30 days to 30 seconds.

Chief executive David Heath said: “Regulation by the Central Bank 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.

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“Circit automates many of the most time-consuming, traditional processes. 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. Our next objective is to achieve regulation by the FCA in Britain.”

Fintech & Payments Association head Michael Concannon added: “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.”

Photo: David Heath with Serena de Stacpoole, Circit's head of marketing.