Duco wins Best Reconciliation Management Provider in Waters Rankings 2023
We’ve won Best Reconciliation Management Provider in the Waters Rankings 2023! In the words of Waters Technology themselves: “Waters Rankings awards are highly regarded due to the fact that the winners are not decided through a judging panel, but the clients themselves.” This award is indeed based on votes from industry professionals in investment banks, asset managers, hedge funds, brokerages and exchanges globally. A big thank you to everyone across the globe for backing us and supporting the no-code, cloud native SaaS model for better recon!
Duco’s reconciliation solution is designed to allow firms to replace slow and inflexible point solutions. It takes around 74 days on average to onboard a complex reconciliation on legacy technology. Operations teams resort to spreadsheets to respond quickly to the market (e.g., cyber-attacks), increasing manual work and operational risk. It is siloed, unscalable and expensive. However, data quality demands are increasing, including regulators paying more attention to the completeness and accuracy of data that drives business processes.
Duco is a no-code, software-as-a-service (SaaS)-native solution for enterprise reconciliation. It enables business users to build complex data transformation rules and automate operations on data without coding―85% faster than legacy, while removing dependency on IT teams and eliminating extract, transform and load (ETL) activities. The platform is use-case and data agnostic and scales across a range of applications from cash/securities, listed and over-the-counter (OTC) positions, transaction reporting, know-your-customer/anti-money laundering (KYC/AML), payments, and intersystems.
- Cash reconciliations: Support for ISO 20022 messages, improved volume handling, “account reviewed” sign-off, and integration with data prep and data platform
- Streamlined exceptions management UI: Infinite scroll, customizable view, up-front search and filter, faster bulk actions, and easy copy/paste to Excel or email
- Data prep: Functional and UX enhancements, including data staging, filtering/searching, easy edit/review of complex rules, and ability to change inputs without rebuilding
- Multiple enhanced governance and auditability features
Over the next 12 months, key investment areas are:
- Transaction and regulatory reporting: Best-practice regulatory templates—e.g., the European Market Infrastructure Regulation (EMIR)—to improve reporting quality, ISO 20022 schema support, optimized exception handlings, and enhanced dashboards
- Cash and securities: Further scale to meet demands around growing client datasets, volumes, and complexity; enhanced oversight, control, and evidencing; and enhanced dashboards and smart workflow automation
- Best-in-class data automation solutions: Expanded format ingestion, streamlined exception management with label prediction, enhanced analytics and insights, and API extension
This article was originally published on WatersTechnology.