Duco, a UK-based financial technology company, announced today that it has formed a partnership with Virtus Partners. The new partnership will see Virtus Partners using Duco’s Duco Cube service for reconciliation services.

Duco Cube has been a popular platform for a number of years now. In mid-2017, NEX Group, a giant in the electronic trading industry, announced that it would be using the platform to help it meet MiFID II MiFID II MiFID II stands for the Markets in Financial Instruments Directive, and is the second iteration of a sweeping directive. As such it is known as MiFID II. The original Markets in Financial Instruments Directive (MiFID) became effective in November 2007. It was intended as the foundation of the EU’s Financial Services Action Plan, a comprehensive project to create a single European market in financial services. MiFID is intended to create a level playing field for firms to compete in the EU’s fina MiFID II stands for the Markets in Financial Instruments Directive, and is the second iteration of a sweeping directive. As such it is known as MiFID II. The original Markets in Financial Instruments Directive (MiFID) became effective in November 2007. It was intended as the foundation of the EU’s Financial Services Action Plan, a comprehensive project to create a single European market in financial services. MiFID is intended to create a level playing field for firms to compete in the EU’s fina Read this Term regulatory requirements. The firm also launched Duco Cube Data Platform this March to satisfy growing demand from companies to streamline the reconciliation process.

Today’s announcement will see Duco expanding further into the institutional investor space. This is because Virtus Partners provides administration services and operations outsourcing for alternative investments.

An 85 percent reduction in reconciliation time

The new partnership will see Virtus Partners using Duco Cube to support daily, weekly and monthly cash, trade and position reconciliations. This will cover a broad range of financial products including complex credit derivatives and loans.

Duco claims that it can substantially increase the speed of the reconciliations process. It noted that once Viturs Partners’ operations team had received adequate training in Duco Cube, they were able to build, on average, four reconciliations a day.

Erik Lokker, Virtus Partners’ Senior Director of Corporate Strategy, noted the difference Duco Cube had made, saying: The time we spend constructing a single reconciliation has been significantly reduced, cutting out over 85% of the total time to build both simple and complex reconciliations. Accuracy has increased, as has overall productivity. This has been a significant benefit to our business.”