Mion: A Precision-Driven Reconciliation Platform for Cryptocurrency

AutoRek has introduced Mion, a reconciliation and data management platform tailored to meet the operational challenges of institutions dealing with cryptocurrency and digital assets. This platform is designed to handle extreme numerical precision, accommodating up to 20 digits before and 18 after the decimal point, essential for managing assets like Ethereum.

The impetus behind the creation of Mion came from a request by a US-based cryptocurrency custody and infrastructure provider. This client faced difficulties reconciling crypto asset balances due to limitations in existing systems that were not equipped to handle high-precision calculations required in digital asset environments. AutoRek’s development team responded with an architecture overhaul over six months, ensuring full-scale performance without rounding errors or data truncation.

According to a representative from AutoRek, the initial issue appeared to be specific to one client but quickly emerged as a broader industry need. Financial institutions adopting digital assets encounter reconciliation challenges that conventional systems, typically configured for 2 to 8 decimal places, cannot address. Mion aims to bridge this gap by applying traditional financial controls to high-precision digital environments.

The platform is capable of accurately processing large volumes of transactions involving highly granular figures and can reconcile transaction, account, ledger, and balance data across different currencies without compromising accuracy due to system limitations. A technical lead at AutoRek explained that simply increasing the number of decimal places was insufficient; a complete architectural redesign and custom functionality were developed to bypass database technology constraints, supporting tasks such as foreign exchange conversions, valuations, and complex data aggregation in the crypto space.

Adapting to Evolving Industry Requirements

With the cryptocurrency market surpassing USD 3 trillion in global capitalisation, financial institutions are increasingly grappling with operational infrastructure needs distinct from those in traditional finance. The growing adoption of crypto coincides with greater regulatory scrutiny, particularly in jurisdictions such as the UK and the EU. Frameworks like the FCA’s DP23/4 and the EU’s Markets in Crypto-Assets Regulation (MiCA) emphasize the need for robust reconciliation and safeguarding processes.

Mion is designed to support financial institutions in adapting to these evolving demands by offering:

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

The platform includes standard features such as automated data ingestion, rule configuration, interactive dashboards, API support, and workflow management capabilities. Regular updates will be aligned with AutoRek’s broader release schedule.