Duco, the global provider of self-service data normalization and reconciliation services, today announces the official launch of Duco Cube Insight, a real-time analysis module for reconciliations that enables firms to cut down root cause investigation time around operational issues.
The module was made available to Duco clients in the first quarter of 2017. Since then there has been significant uptake across both buy-side and sell-side firms.
Richard Hunter, Deputy Head of Single Investment Manager Operations at Man Group, said: “We have been working closely with Duco on the design of Duco Cube Insight, based on our knowledge of operational best practice. Complexity in post-trade processes, especially in derivatives and contracts for difference (CFDs), means that investigation of issues between fund administrators, custodians and brokers can be labour intensive. Insight does a lot of the legwork that would have previously been done manually, saving us time on a daily basis and reducing operational risk.”
By using Insight, firms can connect cash, trading and regulatory control processes around multiple counterparties and internal systems. This reduces time spent finding the “needle in the haystack” when discrepancies occur. Operations teams can quickly target and fix issues across all processes, without needing to carry out detailed investigation of each individual reconciliation.
Christian Nentwich, CEO of Duco, said: “Our goal is to make managing data easy. We have already cracked self-service reconciliation, empowering business users to compare arbitrary data sets at scale and saving our clients 5000 man hours per day. We are now moving beyond that by generating operational efficiency based on fully exploiting this data and further reducing the daily task load. Duco Cube Insight gives operations departments another weapon in their arsenal as they build tomorrow’s lean, agile processes.”
Jeffrey Gangl, Chief Revenue Officer of Duco, added: “Our latest innovation has brought a new and unique perspective to the market, leading to rapid adoption across our client base. With Insight, our clients can more effectively scale their businesses with greater control. It is also a key ingredient for our prime services and fund administration community to provide cutting edge technology to their own clients. We look forward to working with our strategic clients to add further innovation in the data preparation and analytics space.”
Contributed | what does this mean?