Duco Celebrates 20 Customers Representing More than Fifty Trillion USD in Total Assets Using its Cash Solution
- 18.09.2023 01:10 pm
Duco, the #1 cloud-based data automation company, today announced that 20 customers representing more than fifty trillion USD in total assets are now using the Duco platform to automate operations and controls on their cash account processes.
Cash controls are critical to running business effectively. However, cash reconciliation systems are often monoliths based on legacy technology which inhibits business agility. Duco’s cash solution removes complexity, costs and lead-time caused by IT customisations and upgrades, so compliance with industry changes such as CSDR Settlement Discipline, T+1 and new messaging formats can be easily achieved. In addition, intra-day matching and workflow automation removes manual workarounds and delivers early oversight and control, reducing settlement penalties and supporting condensed post-trade settlement cycles.
The Duco solution reconciles hundreds of thousands of accounts daily, increases business agility with no-code, user-defined parameters and a flexible schema. Duco enhances change control and transparency, ensuring auditability and governance remain paramount. Duco’s intelligent automation enables operations teams to focus on critical business activity - insight and analysis - rather than spreadsheet management.
James Maxfield, Chief Product Officer, Duco, said: “It’s great to see well recognised names in the industry going with Duco’s data automation vision and trusting us with their mission-critical processes and operational risk. As a challenger, we have displaced a well-established set of vendors, differentiating ourselves with a light technology footprint. Our simple-to-understand UI that allows customers to get up and running quickly, and our truly SaaS, cloud-based, AI powered no-code solution means business users can use the platform without needing to be technical experts, something that sets us apart from the more IT-focused incumbent platforms.”
Endorsement from Duco clients
“Duco has enabled us to strengthen our cash control framework with greater visibility and a timelier view of cash balances and differences. Instead of manual controls, we can now run daily cash reconciliations to spot and resolve exceptions much faster. The platform has made it possible to create a central repository of bank statement data to build enhanced reporting capabilities for even greater transparency and analytics.” said Nicholas Riva, Chief Operating Officer at Mama Money.
“Duco is a powerful and flexible software solution that allows us to automate our daily asset and bank reconciliations to quickly and effectively identify and categorise reconciliation breaks. It is sophisticated, scalable, auditable and easy to use. We see potential for so many data validation and comparison tasks across our business. Because of the impressive no-code functionality, reconciliations can be built and owned by the Operations team, without the need for IT support.” said John McDermott, COO at JBWere NZ.
“We’ve saved on the cost of having on-premise solutions, the hardware involved in managing those, IT headcount, tech support and development time. The value of Duco is massive.” said a Global Head of Operations, at a Tier 1 Global Hedge Fund.