Duco for Payments & Fintech

Client reporting errors can impact clients’ ability to make decisions, erode their trust, and can ultimately lead to fines and sanctions. Ensuring accuracy requires reconciling potentially complex data across multiple systems and ensuring that data is fed to reports without error.

As you manage the chain of interactions throughout the client lifecycle, data disconnects are bound to happen, leading to errors and potentially lapses in client service. CLM systems help manage this, but they are only as good as the data available to them, so ensuring data quality is vital.

As data flows between systems, enrichment and modifications can allow errors to creep in and propagate across your business. Reconciling this data can be a time consuming and manual process, introducing significant operational risk and limiting your ability to manage change effectively.

Cash reconciliations are a vital and mandatory control. They receive high levels of scrutiny from regulators, and touch almost every area of your operations department. And the nature of them means they require complicated investigations and loads of manual work between multiple systems and stakeholders to identify the root causes of breaks.

Payments reconciliations can be challenging when you’re dealing with many sources and payment providers, all with unique data formats. Disconnected systems, inflexible technology, currency differences and manual workflows can make the process even more complicated.

Trading sheets, sub-ledgers, bank statements, and manual entries all have different formats, presenting challenges for balance sheet substantiation. Ensuring accurate consolidated reconciliation can be a challenge when you’re using inflexible legacy technology, or worse, manual spreadsheet reconciliations as a workaround.

Transaction data needs to be accurate, complete and timely, validated with post-reporting reconciliations. And with refits, rewrites and updates on regulations around the world, you need to ensure the flexibility to adapt those reconciliations when you need to.

The risk reporting environment is growing in complexity. In addition to the challenges around risk reporting methods in annual reports, regulations like BCBS 239 and others require timely, accurate and granular reporting of risk data in specific formats. Organisations need to be flexible and adaptable to respond to changing data requirements as well as to changes to the regulations themselves.

When migrating between old and new systems, you need to ensure that your data remains accurate and complete. But frequently, errors can creep in, particularly if you are relying on spreadsheets and existing platforms. Bad data frequently doesn’t show itself until late in the process, when it can have the biggest impact.

Without trustworthy, complete and consistent reference data, errors creep into processes across the business and create mayhem down stream. Reference data impacts nearly every other reconciliation and data management activity your business does. So how do you ensure it’s right?