Duco Launches Big Data Platform for Analytics
- Big data solution enabling analytics, reporting and machine learning over years’ worth of reconciled data
- A source of practically unlimited scale and consolidation in the post-trade space that requires no client project to deploy
- Out-of-the-box connectivity to analytics tools such as Tableau, Power BI and QlikView
- Three customers already live
London, 22 March 2018 – Duco, the data engineering technology company, today announced the launch of the Duco Cube Data Platform. This extension of Duco Cube, the cloud-based normalization and reconciliation system, enables users to access up to ten years’ worth of results and exception data via a Hadoop-based big data infrastructure. Clients can easily connect in-house or third-party tools, such as Tableau, Power BI and QlikView, for monitoring, trend analysis, reporting and analytics. Three customers are already live on the platform.
Financial institutions of all sizes are spending significant time and effort to try to break down data silos and extract value from their data. Operational processes such as reconciliation provide a particularly valuable source of data, as it is regularly cleaned and signed off for audit purposes. The Duco Cube Data Platform captures amounts of data that are practically unlimited for most businesses and is a key enabler for strategies that involve real-time analytics, continuous operational improvement and machine learning. Duco’s clients can now access data that was previously siloed in spreadsheets, legacy systems, geographies, external counterparties or proprietary networks such as SWIFT, without complicated infrastructure projects.
Douggie Melville-Clarke, head of Duco’s Labs department, said, “One great way to unlock operational efficiency is to make access to data as easy as possible, empowering analysts and architects to derive more value. We believe strongly in a best-of-breed approach to building the financial institutions of the future, so we created a highly-scalable, turn-key platform for data analytics. In the reconciliation space, the Duco Cube Data Platform outscales anything available today, with an ability to handle hundreds of billions of records, and go live in 24 hours without any client projects.”
Jeffrey Gangl, Duco’s Chief Revenue Officer, adds, “We worked closely with our clients to build the Duco Cube Data Platform and this launch follows a multi-month early access program with customers around the globe. Those using the platform are already seeing significant business value from analyzing their patterns of operational behavior, the operational efficiency of their counterparties, and their underlying data. Most importantly, they are able to do it all via self-service, just like they use Duco Cube today.”