Rabobank approached us because they were embarking on a project to elevate their regulatory reconciliations to bring them in line with their high standards.
Their existing legacy technology was unable to cope with the complexity and scope of their regulatory data. Rabobank has zero appetite for regulatory risk, and so set a self-imposed deadline to improve their MIFID reconciliations.
Rabobank wanted a flexible solution that would enable them to build regulatory reconciliations quickly and identify breaks more accurately.
Seeking the agility to meet regulatory challenges
Rabobank saw an opportunity to greatly improve the quality of their regulatory reconciliations. They have very high standards for their regulatory data – with zero risk appetite – and their existing legacy system was struggling to meet them.
Finding the source of breaks was virtually impossible with existing systems, because they reconciled on a trade level rather than a field level.
Existing systems just told the team that there was a break, not where exactly. So they had to go back and investigate to find the source: which meant running a reconciliation within a reconciliation.
Rabobank wanted to improve their processes and set a tight deadline for doing so. This meant they needed a system that was fast and flexible. One that could be implemented much quicker than a legacy system or a bespoke in-house solution.
Duco makes identifying exceptions easy, regardless of data width
With Duco, Rabobank is able to run reconciliations with over 60 fields and see exactly where breaks are occurring.
“I’d rate the speed of set-up, and the ability to automate formerly manual/legacy processes very highly. The fact the platform is data agnostic is good, but what’s even better is the output. Lots of systems are data agnostic but the output isn’t clear. Duco can give us the output to actually handle the exceptions. The platform has a really useful, user friendly way of showing the output, which makes it easy to see what’s happening.”
Duco has already saved Rabobank hundreds of hours in investigation time. But because the existing systems couldn’t handle the width of the data, it’s hard to put a true number on it, Joyce says.
“A project with a really high success rate”
Rabobank was able to get up and running with Duco quickly, onboarding 8 highly complex regulatory reconciliations three times faster than the industry average.
Duco’s Professional Services team have supported Rabobank throughout the partnership, and started by building the first few reconciliations.
“Because we thought our old recs were so complex we wanted Duco to build them themselves, so that we could learn how they did it. But Duco is very easy to set up and the team was able to show us how to use it,” said Joyce.
The team at Rabobank were quickly brought up to speed and began building their own reconciliations a few weeks after the first recs were delivered. Duco’s global services team remained at their disposal to answer any technical questions.