New predictive machine learning technology from Duco will dramatically speed reconciliation processes helping enterprises improve data integrity, reduce costs and streamline business operations
London and New York, 27 June 2019 – Duco, the global leader of enterprise data integrity and next-generation reconciliation services, today announced that it has introduced predictive machine-learning (ML) into its award-winning Duco Data Integrity and Reconciliation Platform. This new capability is the first in a series of planned enhancements that are aimed at speeding up reconciliation and data integrity processes while reducing the manual effort and cost that still plagues business operations functions.
Over the last 18 months, Duco has made considerable investments in creating an audit-compliant machine learning platform. Building such capabilities requires large data sets to “train” algorithms to look for and predict patterns, an area where Duco has a natural advantage as the only true software as a Service (SaaS) offering in the market.
The first of Duco’s machine learning capabilities are focussed on predicting how data should be matched. With around 80% accuracy, this reduces the time to transition from spreadsheets, macros or legacy platforms to sometimes only minutes, and therefore gives clients an unprecedented opportunity to improve their control environment by lowering the cost of change.
“Today marks the first in an expanding set of machine learning models that we plan to introduce as we change the game to help businesses unlock their potential and save money by democratizing their data integrity and data quality processes,” said Christian Nentwich, founder and CEO of Duco.
“Predictive matching is only the first in a series of new machine learning deployments that we will deliver at a rapid pace now that we have built a solid foundation,” said Douggie Melville-Clarke, Head of Duco Labs. “Helping clients speed the normalization of data and cutting short exception investigation projects are the next areas we plan to tackle. We are partnering with clients to run rapid experiments that can have major efficiency impact on their businesses.”
Duco is the first and only company providing a true predictive machine learning solution for reconciliation within the finance sector. Since its introduction five years ago, Duco’s game-changing platform has been adopted by over 80 financial firms, including 14 of the top 30 global banks, and over 600+ indirect clients through Duco’s extensive partner ecosystem. The platform requires minimal manual intervention, does not create an IT project, can sit alongside existing architecture and legacy systems, and is driven by natural language rules.
Duco makes managing data easy.
Duco is a machine learning software and services company that specializes in providing data integrity and reconciliation solutions. Its award-winning Duco platform is changing the game as to how financial firms approach their most challenging data integrity issues. Duco is only the modern, enterprise-grade alternative to costly and inefficient legacy systems. Its self-service technology allows operations professionals to build and manage reconciliation processes from scratch- without any sort of infrastructure project. The platform can be live for a customer within 24 hours with tangible business results in the first week and ROI within the first 30 days. Headquartered in London, with offices in New York, Luxembourg, Edinburgh, Wroclaw and Singapore, Duco’s customers include global banks, brokers, asset managers, exchanges and middle and back office outsourcers.