Duco launched a Duco Cube Data Platform, which operates as an extension of its cloud-based normalization and reconciliation system.
Duco is a UK based fintech company which provides self-service data engineering in the cloud. They empower users to normalize, validate and reconcile any type of data on demand.
The new launch will help the 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. Duco Cube Data Platform aims 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.
Aims to satisfy the growing demand from financial institutions
Financial institutions are spending significant time and effort to try to break down data silos and extract value from their data. The Duco Cube Data Platform will capture amounts of data that are practically unlimited for most businesses that involve real-time analytics, continuous operational improvement and machine learning. Duco’s customers can now access data that was previously all in in one data in spread sheets, legacy systems, geographies, external counterparties or proprietary networks such as SWIFT, without complicated infrastructure projects.
Douggie Melville-Clarke, Head of Duco’s Labs department, said that this is great way to unlock operational efficiency to make access of data as easy as possible, empowering analysts and architects to derive more value. They believe strongly in best approach to build the financial institutions of the future, so they created a highly-scalable, turn-key platform for data analytics. In the reconciliation space, the Duco Cube Data Platform out scales 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 said that they have worked closely with their clients to build the Duco Cube Data Platform and this launch will follow a multi-month early access program with customers around the globe. Those using the platform are already seeing significant business value from analysing their patterns of operational behaviour, the operational efficiency of their counterparties, and their underlying data.