AutoRek debuts crypto reconciliation tool named Mion

The platform, named Mion, supports extreme numerical precision, handling up to 20 digits before and 18 after the decimal point, to accommodate the technical requirements of assets such as Ethereum. 

The creation of Mion was prompted by a request from a US-based cryptocurrency custody and infrastructure provider. The client encountered difficulties reconciling crypto asset balances due to the limitations of existing systems, which were not designed to manage the high-precision calculations required in digital asset environments. AutoRek’s development team responded by designing a new platform architecture over a six-month period, enabling full-scale performance without rounding errors or data truncation. 

According to a representative from AutoRek, the issue initially appeared to be a single client’s concern but was quickly recognised as a wider industry gap. Financial institutions adopting digital assets face reconciliation challenges that conventional systems, typically configured for 2 to 8 decimal places, cannot address. Mion was introduced to ensure firms can apply the same financial controls used in traditional markets to high-precision digital environments. 

Mion is capable of accurately processing large volumes of transactions involving highly granular figures, making it suitable for a range of digital assets. The platform is built to reconcile transaction, account, ledger, and balance data across currencies, without compromise on accuracy due to system limitations. 

A technical lead at AutoRek explained that simply increasing the number of decimal places displayed was not sufficient. The platform required a complete architectural rebuild and the development of custom-coded functionality to bypass limitations in database technology. This includes proprietary mechanisms for advanced numerical operations, ensuring support for tasks such as FX conversions, valuations, and complex data aggregation in the crypto space.

Meeting institutional and regulatory demands 

As the cryptocurrency market surpasses USD 3 trillion in global capitalisation, financial institutions are dealing with operational infrastructure needs that differ sharply from those in traditional finance. The increased adoption of crypto has coincided with greater regulatory scrutiny, particularly in jurisdictions such as the UK and the EU. Frameworks such as the FCA’s DP23/4 and the EU’s Markets in Crypto-Assets Regulation (MiCA) highlight the necessity of robust reconciliation and safeguarding processes.  

Mion is intended to support financial institutions in adapting to these evolving requirements by offering: 

• Precision processing suitable for digital assets operating at up to 18 decimal places.
• Scalability to handle growing transaction volumes.
• Functionality aligned with regulatory compliance for client asset safeguarding.
• Tools for detailed valuations, foreign exchange calculations, and real-time reconciliation.

The platform incorporates standard features such as automated data ingestion, rule configuration, interactive dashboards, API support, and workflow management capabilities. It will be updated regularly in line with AutoRek’s broader release schedule.