This customer is one of the largest custodians in the world. They previously outsourced their reconciliations to a third party, who used an on-premise legacy system for these tasks. The custodian wanted more control and agility, to save on the cost of outsourcing and to empower their business users.
They chose Duco to help them achieve their goal of bringing reconciliations in-house and consolidating all of their data onto one platform. Our no-code functionality was a key factor in their decision, as they wanted to provide their team with greater flexibility than previous tools.
It took just six months to complete all onboarding and configuration requirements and build a Centre of Excellence. Now, the customer uses Duco in their 2,000-strong Global Markets division. 200 people use Duco for 118 processes, with an average of 5.6m lines of data running through the platform every day.
These processes include securities finance, lending, FX transactions, global treasury business, normalisation of broker data, regulatory reporting and audit, KYC and client reviews.
“With [our legacy solution], there were no new recs built for almost three years prior to Duco. We had people replicating recs rather than building new ones. With Duco, it can take as little as two hours to actually write a rec - and you can reverse-engineer an existing one.”
The customer has made significant progress towards their long-term goal of consolidating all of their data. Thanks to Duco, they were able to decommission one extract-transform-load system and two of their legacy reconciliation tools. They are in the process of decommissioning a third recon system.
Beyond consolidating existing reconciliations onto Duco, the customer has also been able to develop new use cases, such as rapidly building reconciliations for clients and reporting for the business. Our flexible platform enables a broader approach to data quality and the customer views it as a multi-purpose tool.
“We built new use cases on it and pushed the envelope to start developing it into a multi-purpose tool. We find we have been able to think more broadly with it and new use cases have emerged.”
There is less exception management involved and false positives and reconciliation breaks are automatically distributed to the relevant groups.
The platform has also helped with risk mitigation – the customer is a very highly regulated bank, audited by one of the Big Four and internal auditors several times a year.
“Duco has helped us to get a lot closer to the mark in data quality and to see flaws in upcoming data before they cause issues.”
On top of this, the increased efficiency of the Duco platform has freed people up to focus on new work. The “huge benefits in productivity” have allowed the firm to do more with their existing resources.