Waters Rankings 2023: Best reconciliation management provider—Duco

- WatersTechnology Staff
- 14 Jul 2023

Overview

Duco’s reconciliation module is designed to allow firms to replace slow and inflexible point solutions. It takes around 74 days on average to onboard a complex reconciliation on legacy technology. Operations teams resort to spreadsheets to respond quickly to the market (e.g., cyber-attacks), increasing manual work and operational risk. It is siloed, unscalable and expensive. However, data quality demands are increasing, including regulators paying more attention to the completeness and accuracy of data that drives business processes.

“Given the quality of data, the match rates being achieved are incredibly high, and this has opened up a number of opportunities to transform and optimize our business. It has been possible to automate large parts of our most complex reconciliation, removing all manual work around matching, categorizing, and labelling. This has freed up our team to focus on value-added tasks such as root-cause analysis and fixing data issues at source.”
Jason Langley, director, accounting and settlement, WTW

The solution

Duco is a no-code, software-as-a-service (SaaS)-native solution for enterprise reconciliation. It enables business users to build complex data transformation rules and automate operations on data without coding―85% faster than legacy, while removing dependency on IT teams and eliminating extract, transform and load (ETL) activities. The platform is use-case and data agnostic and scales across a range of applications from cash/securities, listed and over-the-counter (OTC) positions, transaction reporting, know-your-customer/anti-money laundering (KYC/AML), payments, and intersystems.

Recent milestones

Cash reconciliations: Support for ISO 20022 messages, improved volume handling, “account reviewed” sign-off, and integration with data prep and data platform
Streamlined exceptions management UI: Infinite scroll, customizable view, up-front search and filter, faster bulk actions, and easy copy/paste to Excel or email
Data prep: Functional and UX enhancements, including data staging, filtering/searching, easy edit/review of complex rules, and ability to change inputs without rebuilding
Multiple enhanced governance and auditability features

“Financial services firms need to think about data differently. We see 10x scale transformation happening in operations when customers look at reconciliations in a more strategic way, as an enabler to spot and correct data-quality issues upstream. We are proud to partner with our customers to reshape their operating models and turn data from a blocker into a strategic enabler.”
James Maxfield, head of product and solutions, Duco

Future objectives

Over the next 12 months, key investment areas are:

Transaction and regulatory reporting: Best-practice regulatory templates—e.g., the European Market Infrastructure Regulation (EMIR)—to improve reporting quality, ISO 20022 schema support, optimized exception handlings, and enhanced dashboards
Cash and securities: Further scale to meet demands around growing client datasets, volumes, and complexity; enhanced oversight, control, and evidencing; and enhanced dashboards and smart workflow automation
Best-in-class data automation solutions: Expanded format ingestion, streamlined exception management with label prediction, enhanced analytics and insights, and API extension

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