The reconciliation vendor is embracing a hybrid SaaS version of its flagship offering and hiring a vice president to run a new division.
Post-trade solutions vendor Duco is moving into its next chapter with the launch of a hybrid, Software-as-a-Service (SaaS) version of its flagship Duco Cube offering, and the creation of a global services division with its own new vice president.
The new hybrid SaaS version of Duco Cube was created to target global banks that want a data reconciliation service via “their own private or public cloud,” say Duco officials.
“The main idea behind Hybrid SaaS version of Duco Cube is to give clients flexibility of deploying the solution within their internal firewalls, while taking full advantage of the cloud/SaaS benefits, including having a single version of Duco Cube for the whole market and frequent upgrades,” Chris Peacock, head of marketing for Duco tells FTF News. “Every firm benefits every month from features built for everyone else.”
For the hybrid offering, Duco will assume “all testing and upgrade responsibility” so that the vendor “can maintain a single version of the software in the market,” Peacock says. “Having multiple versions of software deployed is a huge drag on software company productivity and is very bad for clients: it forces infrequent and very expensive (into the millions of dollars) upgrade projects that add zero business value. Duco’s pace of one upgrade a month is too fast for the state of the art in regression testing, so we have a special process that keeps our clients’ data safe while keeping releases going.”
The new division will have Julian Trostinsky overseeing it as vice president, officials say. Trostinsky was previously at Citi, Bank of New York Mellon and SmartStream where he was responsible for reconciliation centers of excellence in multiple global institutions.
At Duco, Trostinsky will oversee a growing division that offers “onboarding acceleration of customers’ reconciliations, advice on market best practices, operational transformation and total cost of ownership (TCO) reduction services in the reconciliation space,” officials say.
“Hybrid SaaS means that our larger clients benefit from monthly upgrades and reap all the benefits of Duco’s continued innovation, without having to share their data if they are not ready to, or are subject to restrictive regulations,” Trostinsky says in a prepared statement. “This innovative solution avoids the ‘multiple version’ issue that remains a massive, if less spoken about, drag on cost and quality in the enterprise software industry.”
The Global Services division targets “our current and future clients,” Peacock says.
“Duco is a self-service system, however, some firms are resource constrained,” Peacock says. “Many larger financial institutions have backlogs running into the hundreds of reconciliations for automation (over multiple years), so we believe this will lead to significantly accelerated ROI.”
London-based Duco’s offerings target end-users’ needs to normalize, validate and reconcile “any type of data on demand,” officials say. The vendor’s clients include international banks, brokers, exchanges, asset managers, hedge funds, administrators, service providers and corporates.
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