“Mion” addresses critical operational challenges as digital assets enter mainstream financial services markets.
AutoRek, a provider of automated reconciliation and financial control solutions, has launched Mion, a data management and reconciliation platform targeting a gap in the market for financial institutions — cryptocurrency and digital asset operations, officials say.
Mion offers “unprecedented precision” because it offers “processing up to 20 digits before and 18 after the decimal point to deliver accuracy and scale,” AutoRek officials say. “Therefore, Mion can handle not just high precision numbers, but also very large numbers at high precision. This is critically important as crypto assets enter the mainstream, meaning precise matching and conversion of transaction, account, ledger, and balance positions across currency types is not compromised by rounding or truncation.”
Mion originated via “a client challenge,” say AutoRek officials. “A leading U.S. cryptocurrency custody and infrastructure provider approached AutoRek with a critical operational problem: existing reconciliation systems could not handle the precision requirements of crypto assets like Ethereum, which operates at 18 decimal places.”
AutoRek built Mion in just six months, “creating an entirely new platform architecture capable of handling extreme precision requirements, without any compromise to performance and scalability,” according to AutoRek.
“We’ve essentially rebuilt our AutoRek platform from the ground up for crypto, to solve a problem that clients said they were not able to deal with in other reconciliation tools, “says Jim Sadler, chief product, technology, and operations officer at AutoRek, in a prepared statement.
“The challenge wasn’t just about displaying more decimal places – we had to create custom code to overcome fundamental database technology limitations. 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,” Sadler says.
Need a Reprint?