Best New Technology Product, Reconciliation: Duco Cube

Duco Cube was launched into the global financial market in January 2014 and now has 28 firms, including a large number of listed derivative and cleared swap participants across the world. 

During the judging period the company more than quadrupled its client base and significantly enhanced its product offering. 

Duco Cube entered the reconciliation, workflow and data management space with a computer science and research background in natural language processing and parallel algorithms practice and study. 

Since its launch, Duco Cube has been adopted and been developed to meet the data management demands of the listed and OTC cleared post trade environment and the wider financial community.

One of the big innovations during the judging period was the build of an encryption engine to anonymise data. 

The enhancement enables clients to encrypt confidential data such as client IDs and was requested by a number of larger banks. 

“The last 12 months have been a big learning journey for us,” says Christian Nentwich, CEO of Duco. “We are leading the charge in offering a hosted service in this market.”

The firm is also building out capabilities in the Cube to process reference data and other data sets such as FX values and account codes mapping. All of this is built into software that can learn about the data on the fly. 

The core values of Duco Cube are around risk mitigation, cost control and time to market by eliminating either old, expensive and inflexible legacy systems or spreadsheets and manual processes. 

The cost model provides a transparent and measurable ROI to both global ‘tier 1’ banks and buy side hedge funds. 

The focus for 2016 is to develop big data tools across the back office workflow, says Nentwich with trade breaks a particular area of development.

“We are on a journey to make it easier for people to reconcile data bringing intelligence to the workflow,” he says. 

“We are building the technology to reduce human intervention in trade breaks by learning about the patterns around breaks.” 

Being software-as-a-service hosted, Duco can deliver upgrades to clients on a monthly basis across the client base eliminating the need for costly upgrades or implementation.

“As we grow, firms will continue to benefit from our economies of scale,” says Nentwich. 

The judges praised the ability to customise the offering to clients. “Duco Cube promises to have a very wide coverage along with high customisability and agility of software change,” said one. 

Another hailed the firm as a “market disrupter” in a very well-established market. “Great innovation, creative thinking and considerable progress and solutioning with clients,” they said. 

Duco is a technology company focused on simplifying complexity by employing advances in computer science research. Its award-winning hosted reconciliation service, Duco Cube, enables firms to control complex data using light-touch, self-service technology.