Waters Rankings 2024: Best reconciliation management provider—Duco

Overview

Duco’s no-code, AI-powered, cloud-based reconciliation platform automates the processing of structured and unstructured data. Users can extract, transform, reconcile, manage exceptions and publish data quickly without sacrificing accuracy.

The industry spends a lot of time and money each year supporting inefficient data processes where humans manually extract and rekey data, transform it, and then manage breaks frequently caused by poor matching. Duco’s vision is to reduce the time spent on data-related functions in operations and finance departments by 90%.

The solution  

The Duco platform features:

• Flexible data extraction of structured data (flat, CSV and ISO files) and unstructured data (PDFs, emails, images, etc.). It is data- and format-agnostic and has no fixed width or schema.
• Data preparation: Transforms, normalizes and enriches data without a separate ETL tool/platform
• Reconciliation: Supports numerous use-cases, from cash to derivatives and regulatory reporting
• Simple interface with fuzzy matching/logic and user-defined tolerances to filter out “noise”
• In-platform dashboards, integration with visualization tools, and exporting for other uses or reporting functions

Secret sauce  

• AI-powered Adaptive Intelligent Document Processing (AIDP) technology with customized, supervised models, trained on clients’ specific document types and improved through human interaction
• No-code capability allowing business users to spin up controls without IT dependency
• Matching engine delivers accurate matches reducing the number of false exceptions. One client’s match rates improved from 60%–70% to 90%–99%, while another saw 40% fewer cash reconciliation breaks.
• Automated exception management, including labeling, commenting and assigning for investigation

Recent milestones

• Duco launched its AIDP capabilities for reconciliation, allowing users to automatically extract and reconcile data from unstructured formats like PDFs, emails and images.
• For cash reconciliations, Duco added continuous scaling upgrades and enhanced control, oversight and evidencing.
• Duco launched an accelerated solution for European Market Infrastructure Regulation (EMIR) Refit readiness, including support for the ISO XML schema, automatic process templates updates, reconciliation, and operational dashboards.

Future objectives

Duco plans to:

• Expand its AIDP offering to new use-cases and introduce no-code functionality to enable business users to train and deploy models, as well as additional features such as automatic document classification
• Scale and AI-assist exception management―search, label, assign, repair, sign-off, etc.—to further speed up investigation and resolution
• Extend and AI-assist data preparation operations
• Enhance dashboards for monitoring, actions, insights, and reporting