We conducted a combined modelling and experimental approach to explore the underlying physical mechanisms responsible for fluid flow caused by magnetically-actuated plate-like artificial cilia. After independently calibrating the elastic and magnetic properties of the cilia, the model predictions are observed to be in excellent agreement with the experimental results. We show that the fluid propelled is due to a combination of asymmetric motion and fluid inertia forces. The asymmetric motion of the cilia and inertial forces contribute equally to the total fluid flow. We have performed a parametric study and found the cilia thickness and magnetic field that should be applied in order to maximise the fluid transport.