Duco, a UK-based fintech provider of data control services, has rolled out its latest offering, Duco Cube Data Platform, which operates as an extension of its cloud-based normalization and reconciliation system.
The new launch coincides with a growing demand from financial institutions of all sizes in light of existing complications in reconciliation processes, which consume significant time and effort to break down and extract value from their data. In light of these challenges, Duco Cube Data Platform will aim to smooth out the process and enable users to access up to ten years worth of results and exception data via a Hadoop-based big data infrastructure.
The enterprise-ready solution breaks down the barriers that traditionally slow down adoption of big data analytics. Duco Cube Data Platform brings the most sophisticated packaging in the market, which also covers strategies involving real-time analytics, continuous operational improvement, and machine learning.
With flexible configuration options, Duco’s users can easily connect in-house or third-party tools, such as Tableau, Power BI, and QlikView for monitoring, trend analysis, reporting, and analytics. Furthermore, it provides clients with access to data that was previously siloed in spreadsheets, legacy systems, geographies, external counterparties, or proprietary networks such as SWIFT, without complicated infrastructure projects.
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Much of Duco’s success to date has been largely due to the company’s reconciliation platform, Duco Cube. The company is already one of the fastest growing companies in the normalization and reconciliation space. With the launch of the big data platform the group gains another key product in its service suite catering to a wide range of market participants.
Last year, Duco partnered with NEX Group, which integrated its NEX Regulatory Reporting solutions with Duco Cube pre-MiFID II implementation.
Douggie Melville-Clarke, head of Duco’s Labs department, commented: “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, added: “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.”