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Duco is at the forefront of digital transformation, helping banks automate front-to-back operational finance and risk data processes in new ways.Get a demo
Use Duco across hundreds of use cases from data migrations to collateral, regulation to risk data integrity. Scroll down to learn more.
Join the no code revolution! Put your data experts in charge and establish controls without long projects.
AGILE & EFFICIENT
Duco is live in 24 hours, adapts to your system and fits in with your estate. The more you adopt Duco, the more efficient you become.
“Duco will definitely help change processes in the bank for the better. It’s all about streamlining systems, making things more automated. What we’re seeing is technology in data control and reconciliation that’s completely different from the past 10-15 years.”
Change Manager, Tier One Bank
“Duco represents a new, transformative approach to data management and control that aligns with our forward-thinking culture.”
Chief Information Officer, Societe Generale Bank & Trust
“With Duco we are able to deliver a new technology strategy, boosting efficiency, transparency and auditability across the firm.”
Head of Financial Market Operations, ING
HOW BANKS USE DUCO
Front Office to Back Office (FOBO)
Front Office to Back Office (FOBO)
The ability to trace every transaction made in a bank’s front office operations through to its back office systems is vital to managing financial and operational risk. Traditionally firms find it difficult to accurately reconcile this data, due to the number of different systems and formats it passes through.
When speed and accuracy are vital, Duco delivers. With Duco, operations teams can set up reconciliations between systems quickly, helping customers to keep data integrity from front to back. Our flexible ingestion technology means firms can upload different data types and formats with little or no transformation. And with our unique self-service platform, you can have validation checks ready in hours
ETD / OTC Clearing
ETD / OTC Clearing
Regulation mandates that all eligible derivatives, both ETD and OTC, are cleared through a CCP. But providing timely reconciliation across multiple products, multiple CCPs and regions with different jurisdictional requirements is no easy task.
With Duco, you can decrease the time-to-market of the reconciliation build, improve control by eliminating manual processes and increase efficiency by merging several existing reconciliations into one. Over 50 clients are currently using Duco for their OTC and ETD reconciliations, ranging from tier 1 investment banks through to asset managers, brokers and smaller hedge funds.
For more information, download our guide to ETD/OTC clearing with Duco.
Trades, positions, fees, commission – all need to be reconciled regularly and accurately with your brokers to make sure there are no discrepancies. However, there can be very different data standards between brokers, particularly when dealing with derivatives. Often data will arrive in different layouts, different formats and using different naming conventions. Legacy reconciliation solutions usually aren’t able to handle this effectively, and operations teams need to resort to spreadsheets.
Duco is an agile solution, that empowers operations staff to set up bespoke reconciliations from scratch extremely quickly. Our flexible technology means you can ingest multiple types of data from multiple brokers, normalise it without code, then reconcile that data against your internal systems, with little or no prior data transformation. With Duco you can quickly remove manual work and spreadsheets, no matter what the quality or format of the data looks like.
The separation between trading participants and custodians exists to protect customers from theft or fraud. Unfortunately, it also creates a data disconnect. Traditionally, financial organisations set up custody reconciliations by performing an extract, transform, load (ETL) exercise. This manipulates all the data into one consistent format before reconciliation takes place. It’s often an arduous and resource-heavy operation and needs to be undertaken by skilled technical staff to avoid the risk of error.
With Duco you can eliminate ETL processes. Duco can ingest, cleanse and validate multiple data in its raw format regardless of which platform it originates from, with little or no prior transformation. From there, operations staff can set up reconciliations quickly using our unique Natural Rule Language – no need for code! With Duco, custody reconciliation is fast, accurate and efficient.
Despite great advances in the ability to sort and manage data, financial institutions are still reliant on vast quantities of spreadsheets and manual work throughout operations departments. This is due to dependencies on inflexible legacy technology, alongside a lack of consistent data standards across the industry. The result is firms are relying on expensive, aging systems to reconcile simple stock or custody data, while employing spreadsheets as soon as they encounter anything complex or bespoke.
There is a better way! Duco is as easy to use as a spreadsheet, but fundamentally more flexible, scalable and auditable. Our intelligent, self-service technology means you can ingest multiple types of data with little or no prior transformation. Non-technical users who understand the data, can then set up automated controls within hours, using English sentences – no code required.
When dealing with multiple asset classes, including complex instruments, the ability to reconcile and manage margin disputes, reconcile trades, and manage collateral is essential to limiting risk. Collateral data is typically stored in a risk management or portfolio management system, but with a heavy reliance on manual processes and spreadsheets.
Duco is a highly flexible system able to handle all of your derivatives and collateral reconciliation. Duco’s unique data ingestion technology means you can upload multiple types of data, with little or no transformation, and the system will automatically start recognising relationships in the data. This is especially useful in the collateral management space, where assets do not have widely adopted symbology and reconciliation efforts are traditionally arduous.
Technology and Data
Banks need to be able to trust their data. As data flows through an organisation and between systems it can become corrupt, leading to errors being propagated incorrectly in dozens of systems – which must then be amended manually. To monitor the risk and maintain control, banks need to run intersystem reconciliations to identify data inconsistencies, but often these are manual or spreadsheet-driven. This creates operational risk, but also lacks automation, transparency, control, and agility to handle change.
Duco provides a flexible system, able to ingest multiple data types with little or no data transformation. Banks can rely on Duco to reconcile data across all the systems they have in place – regardless of formats. The platform can be live in 24 hours, and it uses our unique Natural Rule Language, meaning users can set up new reconciliations using plain English sentences within hours.
Migrating data from one system to another can be a time consuming and complex task. The data in the new system must be identical to the data in the old system, and it must also behave in the same way. But it is often not until late in the process that bad data is caught – leading to significant delays to the deployment. This is because, traditionally, IT teams rely on spreadsheets or legacy reconciliation platforms to validate the data between systems. These are either too slow, or too inaccurate, to perform the validation properly.
Duco is the agile, flexible system that banks need to ingest and validate the large amounts of data involved in migration projects. With Duco you can ingest data from source systems quickly and easily with little or no transformation. You can then set up data validation checks extremely fast, using our unique natural rule language. And with Duco’s fuzzy matching technology, you can be sure of a superior match rate, and trust that nothing can slip through the cracks.
Data Lake Integrity
Data Lake Integrity
Banks often rely on a data lake to store large volumes of structured, unstructured, raw and processed data, which is subsequently used for analytics and insights. And while a data lake functions well as a secure central repository for valuable data at any scale, when that data is passed to downstream applications and organisations, or transformed for storage in a data warehouse, it can change and errors can creep in. If a bank doesn’t have robust governance and control over the data going into the lake, it can be difficult to know where data originated from or what it relates to – a situation that risks propagating bad data around the organisation.
Duco has the power to reconcile and normalise textual and numeric data, on a huge scale. Ensuring data integrity can be challenging when high volumes of low quality data are flowing in through different mechanisms and in different formats. but Duco can clean and transform that data – creating structure and integrity where none existed before. This makes oversight straightforward, analysis more accurate and insight more meaningful. Duco enables banks to harness the true power behind their data lake.
Customer Data Consolidation
Customer Data Consolidation
When it comes to managing customer data, banks need to be able to cater for differing operational requirements while also holding one single version of the truth for update and reporting purposes. Keeping data in the master (or ‘parent’) system in line with that of the ‘child’ system is a constant challenge.
Duco’s intelligent reconciliation solution can help. Our system is quick to install, easy to use and accessible to non-technical staff. The flexible technology means you can upload multiple data types with little or no transformation, normalise the data, then update customer records to establish a single source of truth. If you need to add a new field, or data from a new system, it’s not a problem. Duco can handle it.
Finance departments need accuracy and control above all else. Despite this, staff often need to resort to manual work and spreadsheets when dealing with complex or new types of data. This greatly increases the risk of error, creates dependencies on key personnel, and can make audits much more uncomfortable. Plus how many times have you had to wait for Excel to recover as it can’t handle the volumes you’re pushing through it?
With Duco’s flexible technology you can automate complex spreadsheet-based reconciliations quicker than anything else available in the market. Our no-code solution empowers finance teams to set up and manage reconciliations in hours, without major projects. All keystrokes are recorded, and configuration rules are expressed in English sentences, ensuring greater transparency during audits. Duco is live in 24 hours, so you can get started immediately on making your financial operations leaner and more standardised, repeatable and shareable across teams.
Balance Sheet Substantiation
Balance Sheet Substantiation
The general ledger of any organisation must always be supported by another source of truth. If a balance sheet cannot be supported or validated, how can an organisation have comfort in their P&L?
Substantiating a Balance Sheet (or any general ledger) can be a complex and time consuming task when there are multiple data sources: trading sheets, sub-ledgers, bank statements, and manual entries – often in very different formats. Ensuring accurate, consolidated reconciliation across all these sources can be time consuming and it’s frankly not an interesting job. It’s repeatable and it doesn’t put your greatest assets, your people, to their best use. It also creates risk for organisations, particularly when using inflexible legacy technology. Worse than that, with spreadsheet reconciliations, moving to a controls-based audit is forever going to be a pipe dream…
Duco is an agile solution, able to ingest, normalise and reconcile data from multiple sources with little or no prior data transformation. With it you can remove the risk of manual error and engage your people in the value-add activities and utilise. Finance staff can set up reconciliations between new data sources or systems extremely quickly using our unique Natural Rule Language – no code needed! And Duco’s inbuilt governance and full audit trail functionality streamlines compliance.
Large organisations are often made up of several different legal entities, and the bigger the group, the more legal entities there are likely to be. Each business within the group is likely to have its own trading systems, finance teams, ledgers, subledgers, base currency, records of supplier payments, accounts payable and payroll. By their very nature there will be frequent financial transactions between businesses within the group, each with their own ways of working and recording transactions. All this contributes to a huge data challenge which needs to be addressed in real-time in order to be able to rely on the aggregate consolidation. We don’t underestimate the reconciliation challenge here, we know it is varied and often too complex for legacy or point solutions to handle, we know there are historical brought forward issues that need a project approach to resolve them.
Duco’s agile system has the power and flexibility to manage large and complex sets of disparate data in one place. Duco is system and data agnostic, meaning it can ingest, normalise and reconcile data from multiple sources with little or no pre-transformation required. Finance teams can then set up validation checks between group entities quickly and easily using our unique Natural Rule Language – no code needed. This is ideal when attempting to reconcile data from multiple disparate entities at the same time.
Finance teams will always need to deal with multiple external sub-ledgers feeding into the general ledger. This isn’t a new problem and it’s something finance teams have adapted to over time, mostly using legacy software, like spreadsheets. But sometimes the data will be in a non-standard format, or will need transformation, before reaching the general ledger. With large data loads and complex and varied source data, how do you get absolute comfort that all the trades are booked and there is no revenue leakage? We know this can be particularly problematic and most of all, material. Most legacy solutions are unable to deal with the complexity, volume and number of stakeholders in this process.
Duco wasn’t built to handle just one particular type of information. With our flexible technology, you can upload any type of data with little or no pre-transformation, and the system will adapt to it. From there you can set up reconciliations fast, without code, using our unique Natural Rule Language. All exceptions are captured and can then be automatically assigned to groups and individuals for investigation using our advanced workflow technology. With Duco, finance teams can quickly ensure accuracy and control of even the most complex ledger to ledger relationships.
Having a clear, consistent and up-to-date view of accounts payable and receivable can be a daunting task when dealing with many sources and payment providers, all with unique data formats. With money flowing between legal entities and revenues often shared, consolidation and verification of all this data is a crucial task. But it’s a task that is often complicated by disconnected systems, inflexible technology, currency differences and poor workflow.
With Duco you can ingest data from multiple sources, in multiple currencies and formats, with little or no pre-transformation. You can then normalise that data without code, using our unique Natural Rule Language, so greatly simplifying the payments matching process. Our fuzzy matching technology ensures you get a far higher match rate than traditional reconciliation providers, and our automated workflow means nothing slips through the cracks.
Cash reconciliation is not a new phenomenon, but today’s financial sector is more complex than ever before. As the market continues to evolve, firms are expanding their services – as well as the sophistication of those services – and often this means expanding the number of systems and platforms as well. In addition, changing regulations mean that, more than ever, firms must clearly understand their cash position at any time, with a clear and transparent audit trail. Modern cash reconciliation systems must be agile enough to deal with regular change, able to set up checks and controls fast so that all requirements continue to be fulfilled accurately.
Duco offers a highly agile cash reconciliation solution that empowers finance teams to deal with complex data and changing requirements far quicker than traditional systems. Our ‘no code’ approach means that non-technical staff can set up new reconciliations, or amend existing processes, fast and without projects. And with our fuzzy matching technology, you can achieve high match rates even with low quality or messy data. Duco is live in 24 hours, so you can get started immediately.
Risk Data Integrity
Risk Data Integrity
Risk teams are busier than ever in the face of a fast-changing business landscape. As processes, systems and activities shift, the complexity associated with compiling, normalising and reconciling risk data continues to increase. Firms need to confidently monitor risk exposure and financial health at all times, across all areas of risk. But to do this teams must deal with large volumes of highly complex data, drawn from disparate sources, in varying file formats.
Duco is a highly flexible system built for agility. Unlike traditional data integrity systems it does not have a predefined schema that the data needs to conform to. You simply upload your risk data and Duco will adapt to it. This means risk teams can pull data from multiple disparate sources, normalise it, and then rest assured that the data is clean as it flows downstream through risk and reporting systems.
In the latest 2020 BIS progress report on the “Principles for effective risk data aggregation and risk reporting” it states that zero banks are fully compliant with BCBS 239 standards. According to the report, banks need to devise “comprehensive solutions to address data quality issues rather than seeking a fix via more tactical or ad hoc solutions”.
Duco represents a strategic solution that banks can use to help conform to the BCBS 239 data quality standards. With our flexible technology you can ingest, clean and normalise risk data from multiple source systems, in multiple formats and types, with little or no prior transformation. This means firms can eliminate manual and spreadsheet based data validation processes, improve data integrity, improve transparency for audit purposes, and ensure no data errors slip through the cracks.
For more than 40 years, the financial services industry has been underpinned by interbank offered rates (IBOR) – but this is set to change. The IBOR benchmark is being phased out by the UK and US, to be replaced by alternative reference rates (ARR) by the end of 2021. Many other nations are expected to follow suit.
Duco’s next generation data integrity platform can be quickly deployed to help banks identify, extract and process the information they need – and ensure a smoother transition from IBOR to ARR. For more information, download our guide.
Regulatory Data Integrity
Regulatory Data Integrity
A robust data integrity framework is essential for accurate regulatory reporting, but getting one in place is not easy. There are a host of different regulations that firms need to adhere to in different jurisdictions, often with shifting requirements. Ensuring accuracy in these circumstances is beyond most traditional reconciliation tools.
Duco represents a new type of data integrity solution, empowering regulatory experts to set up checks and controls extremely quickly between many different types of system. Our flexible technology means you can pull data together from multiple sources, then normalise and reconcile it, with no need for coding or major technology projects. Any errors are then automatically assigned to users or groups for investigation based on parameters you define. Nothing slips through the cracks.
Reconciliation is mandatory under MiFID II, but traditional systems struggle with the breadth of supporting reference information required: LEIs, HR records, MICs, ISINs, ESMA eligibility checking, etc. Duco’s flexible technology provides the quickest route to full compliance. For more information, download our regulatory reporting case study.
Duco provides quick-to-set-up controls across all asset classes for reconciling internal trade records against ARMs and trade repositories. Firms handling reporting on behalf of their clients can also use Duco to offer a completeness check without the need to pre-transform any data. For more information, download our regulatory reporting case study.
There are 155 separate data fields required for SFTR reporting, making the mandatory reconciliation requirements arguably one of the most taxing parts of the regulation. Duco’s flexible system and data-agnostic capabilities mean that firms can be set up and compliant from day one. For more information, download our guide to regulatory data integrity.
Clients have been using Duco for their Dodd-Frank reconciliations for several years, benefiting from our self-service functionality to quickly set up checks between internal systems and trade repositories. For more information, download our regulatory reporting case study.
CFTC Swaps 2.0
CFTC Swaps 2.0
The long-awaited rewrite for parts 45, 49 and other requirements for swaps reporting in the US is now being rolled out, alongside reporting changes from the DTCC. With Duco, firms can quickly put controls in place, while also having a testing mechanism for upgrading reporting systems and reporting logic. For more information, download our guide to regulatory data integrity.
Reporting for Consolidated Audit Trail (CAT) is estimated to result in over 100 billion daily transactions being submitted to the FINRA repository. This volume has created a tremendous need for improved exception management, reconciliation and data integrity for lineage and linkage. For more information, download our guide to regulatory data integrity.
ASIC and APRA
ASIC and APRA
Duco enables Australian firms reporting under ASIC, and Superannuation funds reporting under APRA, to set up automated data integrity checks and reconciliations in a fraction of the time required by traditional systems. For more information, download our guide to regulatory data integrity.
Firms reporting derivatives transactions under MAS in Singapore can use Duco to reconcile their internal system data with trade repositories, or set up intersystem reconciliations to ensure data quality is maintained throughout the reporting process. For more information, download our guide to regulatory data integrity.
Firms report both directly to the HKTR and via agents like DTCC resulting in split data flows and different data formats. Duco is data agnostic, enabling firms to set up data integrity checks across both reporting mechanisms quickly and easily. For more information, download our guide to regulatory data integrity.
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