Duco, a provider of hosted reconciliation services, has worked with ICAP, a leading markets operator and provider of post-trade risk mitigation and information services in a collaboration to help it reap significant benefits as part of its £60m cost reduction programme.
Since deployment of Duco Cube in February, ICAP has been able to eliminate manual work, reduce key man dependency and simplify audit points in its finance, brokerage operations and compliance departments across Europe, Asia and North America. The firm is expecting further gains throughout the year and 2015 as the efficiency improvement programme continues, driven by regulatory, operational and client-onboarding needs.
“We realised some time ago that new approaches were needed to push through the kind of efficiency changes the new market environment demands. This was core to our rationale when we first decided to adopt Duco’s technology in-house. Transformational, low-touch models like Duco are a key component of the new market infrastructure and we have been pleased with the way Duco’s solutions have benefited our workflow,” says Ken Pigaga, Group Chief Operating Officer at ICAP.
“Duco’s clients are reaping the benefits of reshaping their operating models using our on-demand, quick to deliver services. ICAP serves as evidence that adopters of transformational operating models like that provided by Duco Cube stand to derive real bottom-line benefit across the business within days,” says Christian Nentwich, CEO of Duco.