Automated reconciliation and monetary controls firm AutoRek not too long ago unveiled its AutoRek Mion platform.
AutoRek Mion supplies information administration and reconciliation capabilities for cryptocurrency and digital asset operations at a time when adoption of those property is rising quickly.
Headquartered in Glasgow, Scotland, AutoRek made its Finovate debut at FinovateEurope 2013 in London. Chris Livesey is CEO.
Automated reconciliation and monetary management options supplier AutoRek has launched its AutoRek Mion resolution. The brand new platform supplies information administration and reconciliation capabilities for cryptocurrency and digital asset operations. AutoRek Mion works the place conventional reconciliation methods typically fail by processing as much as 20 digits earlier than and 18 digits after the decimal level to supply accuracy and scale.
“The monetary providers {industry} is at an inflection level with cryptocurrency adoption,” AutoRek CEO Chris Livesey mentioned. “When our shopper got here to us with their problem, it turned clear that this wasn’t only one shopper’s downside—it was an industry-wide subject that wanted fixing. Conventional reconciliation methods can’t deal with the precision necessities of those property. AutoRek Mion solves this basic downside, enabling establishments to keep up the identical rigorous monetary controls for crypto that they’ve relied on for conventional property for many years.”
With a digital asset like Ethereum, for instance, which operates at 18 decimal locations, present reconciliation methods are merely not exact sufficient. AutoRek Mion, in distinction, can deal with each excessive precision numbers and really massive numbers at excessive precision. This comes as new regulatory frameworks on cryptocurrencies and digital property from the Monetary Conduct Authority and the European Union are placing further compliance pressures on monetary establishments. Particularly, each the FCA’s dialogue paper DP 23/4 and the EU’s Market in Crypto-Belongings Regulation (MiCA) underscore the significance of correct reconciliation controls for digital property on behalf of purchasers.
“The problem wasn’t nearly displaying extra decimal locations—we needed to create customized code to beat basic database expertise limitations,” AutoRek Chief Product, Know-how and Operations Officer Jim Sadler mentioned. “The platform options specialised proprietary features that guarantee mathematical calculations will be processed at these new ranges of precision, enabling correct valuations, forex calculations, and information aggregation for digital property.”
Headquartered in Glasgow, Scotland, AutoRek made its Finovate debut at FinovateEurope 2023 in London. On the convention, the corporate confirmed how its intuitive, configurable dashboards and machine intelligence monitor the reconciliations course of—from categorizing excellent transactions to highlighting escalation factors—giving monetary establishments extra management and effectivity and fewer reliance on spreadsheets and guide processes. Based in 1994, AutoRek companions with corporations in banking, funds, asset administration, insurance coverage, and different sectors to assist them leverage clever automation to higher handle their information. The agency’s expertise has been applied by greater than 100 corporations.
Earlier this 12 months, AutoRek introduced a partnership with financial institution integration options supplier AccessPay to assist streamline the retrieval, reconciliation, and reporting of banking information. The corporate started the 12 months with information that main UK insurance coverage, wealth, and retirement agency Aviva had chosen AutoRek as its reconciliation and CASS software.
Photograph by Artur Kraft on Unsplash
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