- Automated reconciliation and financial controls company AutoRek recently unveiled its AutoRek Mion platform.
- AutoRek Mion provides data management and reconciliation capabilities for cryptocurrency and digital asset operations at a time when adoption of these assets is growing rapidly.
- Headquartered in Glasgow, Scotland, AutoRek made its Finovate debut at FinovateEurope 2013 in London. Chris Livesey is CEO.
Automated reconciliation and financial control solutions provider AutoRek has launched its AutoRek Mion solution. The new platform provides data management and reconciliation capabilities for cryptocurrency and digital asset operations. AutoRek Mion works where traditional reconciliation systems often fail by processing up to 20 digits before and 18 digits after the decimal point to provide accuracy and scale.
“The financial services industry is at an inflection point with cryptocurrency adoption,” AutoRek CEO Chris Livesey said. “When our client came to us with their challenge, it became clear that this wasn’t just one client’s problem—it was an industry-wide issue that needed solving. Traditional reconciliation systems cannot handle the precision requirements of these assets. AutoRek Mion solves this fundamental problem, enabling institutions to maintain the same rigorous financial controls for crypto that they’ve relied on for traditional assets for decades.”
With a digital asset like Ethereum, for example, which operates at 18 decimal places, existing reconciliation systems are simply not precise enough. AutoRek Mion, in contrast, can handle both high precision numbers and very large numbers at high precision. This comes as new regulatory frameworks on cryptocurrencies and digital assets from the Financial Conduct Authority and the European Union are putting additional compliance pressures on financial institutions. Specifically, both the FCA’s discussion paper DP 23/4 and the EU’s Market in Crypto-Assets Regulation (MiCA) underscore the importance of proper reconciliation controls for digital assets on behalf of clients.
“The challenge wasn’t just about displaying more decimal places—we had to create custom code to overcome fundamental database technology limitations,” AutoRek Chief Product, Technology and Operations Officer Jim Sadler said. “The platform features specialized proprietary functions that ensure mathematical calculations can be processed at these new levels of precision, enabling accurate valuations, currency calculations, and data aggregation for digital assets.”
Headquartered in Glasgow, Scotland, AutoRek made its Finovate debut at FinovateEurope 2023 in London. At the conference, the company showed how its intuitive, configurable dashboards and machine intelligence monitor the reconciliations process—from categorizing outstanding transactions to highlighting escalation points—giving financial institutions more control and efficiency and less reliance on spreadsheets and manual processes. Founded in 1994, AutoRek partners with companies in banking, payments, asset management, insurance, and other sectors to help them leverage intelligent automation to better manage their data. The firm’s technology has been implemented by more than 100 companies.
Earlier this year, AutoRek announced a partnership with bank integration solutions provider AccessPay to help streamline the retrieval, reconciliation, and reporting of banking data. The company began the year with news that leading UK insurance, wealth, and retirement firm Aviva had selected AutoRek as its reconciliation and CASS tool.
Photo by Artur Kraft on Unsplash
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