September 2023

Brightwell chooses Duco to automate and consolidate reconciliations as part of target operating model transformation

Agile, intuitive data automation platform will enable Brightwell to scale while providing greater control and auditability.

26 September 2023, London – Duco, a leading cloud-based data automation company, today announced that defined benefit service provider, Brightwell, has selected the Duco platform as part of the firm’s target operating model transformation.

Brightwell will use Duco in its Investment Operations department to replace an inflexible legacy system that was limiting the firm’s growth, as it lacked the functionality needed to handle the variety of use cases and the volumes of data they needed to process.

Duco’s data automation platform will enable Brightwell to normalise its data and consolidate its reconciliations for FX, OTC and ETD derivatives, fixed income and cash balances as trading volumes grow. Features such as advanced filters, transaction rollup rules, conditional rules and the Data Prep module will also help Brightwell reduce the number of exceptions, allow them to build complex matching rules, and bring down the number of false positives.

Peter James, Chief Investment Administration Officer at Brightwell, commented: “Duco enables us to unlock end-user automation, driving down total cost of ownership, risk and time-to-value. The flexibility of the platform will allow us to achieve our goal of more streamlined, efficient operations by giving us one system to manage reconciliations for derivatives positions, trades and cash. We can use it to consolidate formerly disparate manual tasks across instruments into single processes, giving us scalable and transparent controls and enhanced auditability as we grow. Through Duco we gain a volume agnostic automated process which allows us to be exception based in our processing which positions us well to support Brightwell’s multi-client growth strategy.  For example, before Duco we had to perform position and cash balance reconciliations separately; with the Duco cash module we can combine these into one.”

Christian Nentwich, CEO of Duco, said: “We’re delighted to be part of Brightwell’s transformation strategy, which is further evidence of the key role Duco’s technology can play in enabling operating model change. Brightwell can centralise and simplify their processes and utilise the full domain expertise of their teams. The fundamental assumptions around how firms should manage their data are changing, paving the way for more agile, scalable ways of doing business.”

About Brightwell

In 2023, BT Pension Scheme Management Limited, (“BTPSM”) the primary service provider to the BT Pension Scheme (BTPS), launched its new trading name “Brightwell” to offer its experience and expertise to other defined benefit schemes. Brightwell has a long history managing services to BTPS, one of the largest private sector pension schemes in the UK and offers funding and fiduciary services, member administration and advisory capabilities. Brightwell’s approach focusses on collectively owning problems, sharing solutions and collaborating for the long-term.