Automated reconciliation and monetary controls firm AutoRek lately 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 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 supplies information administration and reconciliation capabilities for cryptocurrency and digital asset operations. AutoRek Mion works the place conventional reconciliation techniques usually fail by processing as much as 20 digits earlier than and 18 digits after the decimal level to offer accuracy and scale.
“The monetary companies {industry} is at an inflection level with cryptocurrency adoption,” AutoRek CEO Chris Livesey stated. “When our consumer got here to us with their problem, it turned clear that this wasn’t only one consumer’s downside—it was an industry-wide challenge that wanted fixing. Conventional reconciliation techniques can not deal with the precision necessities of those belongings. AutoRek Mion solves this elementary downside, 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 shoppers.
“The problem wasn’t nearly displaying extra decimal locations—we needed to create customized code to beat elementary database expertise limitations,” AutoRek Chief Product, Know-how and Operations Officer Jim Sadler stated. “The platform options specialised proprietary capabilities that guarantee mathematical calculations could be processed at these new ranges of precision, enabling correct valuations, foreign money 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 guide 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 higher handle their information. The agency’s expertise has been carried out by greater than 100 firms.
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 device.
Picture by Artur Kraft on Unsplash
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