Over just a few years this Japanese megabank has grown from using Duco for local reconciliations to leveraging it as a global strategic control platform.
It all began in the US with automating management of cleared derivative data for the firm’s Futures Commission Merchant business. But usage rapidly expanded across geographies and use cases as the flexibility of our data automation platform became apparent.
The expansion enabled the bank to automate 277 critical processes in four regions at an unprecedented pace. Across less than four years the bank saw the number of processes grow tenfold on Duco, with volume going through the platform increasing 53 times over. Additionally, the client harnessed the expertise of our Professional Services team to go live in just 4 days with fully tested post-reporting controls for EMIR using our preconfigured EMIR processes.
Along the way, Duco has displaced four reconciliation platforms, starting in the US, then EMEA. The latest platform decommission was in Hong Kong, where the incumbent legacy system was displaced within six months. In total, the bank is saving an estimated USD$4m per year from consolidating their processes onto Duco and removing outdated technology.
On top of this, the no-code nature of Duco’s reconciliation platform, combined with its immediate global availability, has delivered significant efficiency gains and enhanced time-to-value.
The platform has been critical to a number of strategic initiatives, such as a self-service roll-out for global settlement transformation. The firm was also able to rapidly stand-up controls for a new fixed income booking entity in Singapore – building over 40 controls within 2-3 months – as well as easily building out their operations in India.
There are plenty more places where the bank plans to utilise Duco to replace legacy technology or automate manual controls for even greater efficiency across its global entities over the coming years.