Duco, a provider of hosted services that simplify complex data problems,today announced that three Tier One global investment banks have completed trials of Duco’s post trade reconciliation service, Duco Cube.Duco Cube empowers operations teams to set up and manage reconciliation controls themselves, quickly and easily, without IT effort, and move away from labour and technology intensive solutions. This is made possible by artificial intelligence algorithms that match any data in any format, eliminate manual work and make it possible to identify risk points and react to regulatory demands faster than traditional solutions. In addition to bringing an “app-like” simplicity to operations, Duco Cube is operated on a flexible, pay by usage basis.
Duco Cube enables firms to improve their data reconciliation services with regards to cost and time efficiencies, whilst adhering to the requirements of regulators, swap data repositories (SDRs), clearing houses, exchanges and counterparties. Duco estimates that each Tier One bank spends tens of millions annually on avoidable costs associated with IT projects, manual work and manual outsourcers to support reconciliation requirements.
Christian Nentwich and Michael Marconi, co-founders of Duco, said: “By enabling operations departments to reconcile data in hours rather than months, we believe Duco Cube has the ability to revolutionise middle office operations and we¹re pleased that we were able to prove that the service can work seamlessly in complex, high-volume scenarios. We’re delighted that by trialing Duco Cube, three forward thinking institutions are validating the technology we are bringing to the market and we look forward to broadening our engagement with the industry”
ICAP and Euclid Opportunities announced a Series A investment in Model Two Zero, Duco’s former name, in 2012.
Duco provides post trade data reconciliation services with the goal of helping its customer solve complex data problems. It operates Duco Cube, a cross- asset data reconciliation service that empowers operations departments by allowing them to upload, match and reconcile any data, in any format, quickly and efficiently. Accessed via the web browser on a secure private network, Duco Cube requires no costly installation and upgrades, and is operated on a pay by usage basis.
More information at http://du.co