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Duco, a London-based technology provider of hosted reconciliation services, announced today that the firm has just won the 2014 FOW International Award for “Best New Product – Reconciliation” for its flagship Duco Cube, launched in April 2013. The award was bestowed last night by FOW, the leading news and data service for the global futures and options industry, during the FOW Derivatives World conference in London.
Duco Co-founder and Chief Executive Officer Christian Nentwich, Ph.D., said: “It’s extremely rewarding to earn this prestigious honor for a product that dispenses with all of the traditional assumptions about reconciliation. We introduced a fundamental rethink into this field, enabling firms to drastically simplify their processes for business-critical functions while eliminating unnecessary technology expenditures and substantial infrastructure investments. Major organisations around the world have already deployed Duco Cube to bring tremendous efficiencies and control of valuable information in a highly secure environment, with very little investment of time and resources.”
William Mitting, FOW Magazine Publisher, said: “The FOW International Awards recognise innovation across the market, and Duco’s disruptive new take on a part of the market that has been criticised for its cumbersome legacy technology was seen by the judges as a key innovation during the year.”
Duco Co-founder and Chief Technology Officer Michael Marconi said: “We believe that Duco Cube is part of a trend: away from proprietary traditional models toward intuitive, easy-to-access and nimble services that companies can consume on demand. Clients love the fact that training and deployment are extremely quick, and we’ve found that they rarely need assistance after that.”
Unlike traditional reconciliation products, Duco Cube is based on technology advances that enable it to match any data, in any format, for any business process. Examples of use include reconciliation of:
- end-of-day data between brokerage or trading firms and exchanges
- key risk and finance controls such as account reconciliations
- static data cleanup such as Legal Entity Identifiers or instrument set-up data
- hedge fund books and records against those provided by their brokers
- system migrations
- complex controls between companies
