Automated reconciliation and monetary controls firm AutoRek lately unveiled its AutoRek Mion platform.
AutoRek Mion offers information administration and reconciliation capabilities for cryptocurrency and digital asset operations at a time when adoption of those belongings 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 answer. The brand new platform offers information administration and reconciliation capabilities for cryptocurrency and digital asset operations. AutoRek Mion works the place conventional reconciliation techniques 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 consumer got here to us with their problem, it grew to become clear that this wasn’t only one consumer’s drawback—it was an industry-wide problem that wanted fixing. Conventional reconciliation techniques can not deal with the precision necessities of those belongings. AutoRek Mion solves this basic drawback, enabling establishments to keep up the identical rigorous monetary controls for crypto that they’ve relied on for conventional belongings for many years.”
With a digital asset like Ethereum, for instance, which operates at 18 decimal locations, current reconciliation techniques 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 belongings 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 belongings on behalf of purchasers.
“The problem wasn’t nearly displaying extra decimal locations—we needed to create customized code to beat basic database know-how limitations,” AutoRek Chief Product, Know-how and Operations Officer Jim Sadler mentioned. “The platform options specialised proprietary features that guarantee mathematical calculations could be processed at these new ranges of precision, enabling correct valuations, forex calculations, and information aggregation for digital belongings.”
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 handbook processes. Based in 1994, AutoRek companions with firms in banking, funds, asset administration, insurance coverage, and different sectors to assist them leverage clever automation to raised handle their information. The agency’s know-how has been applied by greater than 100 firms.
Earlier this yr, 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 yr with information that main UK insurance coverage, wealth, and retirement agency Aviva had chosen AutoRek as its reconciliation and CASS device.
Photograph by Artur Kraft on Unsplash
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