Duco, a leading cloud-based data automation company, today announced that JBWere NZ, a leading New Zealand wealth manager, has chosen the Duco platform to automate cash and asset reconciliations to support the firm’s growth and strengthen their control environment.
JBWere NZ will use Duco to reconcile cash and securities held with their sub-custodians, share registries and banks. Previously they would do this process using individual spreadsheets split by registry, sub-custodian and market. These legacy processes made it time consuming for the firm to reconcile transactions across multiple financial counterparties each day.
JBWere NZ ultimately chose Duco as business users can quickly build reconciliations without code and without the need for a technology team to support it.
John McDermott, COO at JBWere NZ, said: “Duco is a powerful and flexible software solution that allows us to automate our daily asset and bank reconciliations to quickly and effectively identify and categorise reconciliation breaks. It is sophisticated, scalable, auditable and easy to use. We see potential for so many data validation and comparison tasks across our business. Because of the impressive no-code functionality, reconciliations can be built and owned by the Operations team, without the need for IT support.”
Keith Man, Head of Asia Pacific at Duco, added: “Duco has invested heavily in Asia-Pacific in order to provide the first-class support and service our customers in the region should rightly expect from a global vendor. I’m thrilled that we’ll be part of JBWere NZ’s growth story, and I look forward to working with them to build out the Duco user community in New Zealand over the course of our partnership.”