Cloud-based data automation platform Duco will deploy its technology with New Zealand-based wealth manager JBWere NZ.
The Duco platform will help automate cash and asset reconciliations to support JBWere NZ’s growth and strengthen their control environment.
JBWere NZ will leverage Duco to reconcile cash and securities held with their sub-custodians, share registries and banks. Prior to Duco, the wealth manager would process this with individual spreadsheets split by registry, sub-custodian and market.
The wealth manager selected JBWere NZ based on how quickly it could build reconciliations without code and without the need for a technology team to support it.
Duco helps firms improve their data management processes from reconciliation to data quality. Its services has a wide coverage of use cases spanning client data, trade operations, investment operations, holdings and activity, clearing and settlement, treasury and cash, payments and financial control, transaction and regulatory reporting, risk reporting and data integrity, and testing and migration.
Commenting on the deal, JBWere NZ COO John McDermott said, “Duco is a powerful and flexible software solution that allows us to automate our daily asset and bank reconciliations to quickly and effectively identify and categorise reconciliation breaks.
“It is sophisticated, scalable, auditable and easy to use. We see potential for so many data validation and comparison tasks across our business. Because of the impressive no-code functionality, reconciliations can be built and owned by the Operations team, without the need for IT support.”
JBWere is a wealth manager that offers customised wealth solutions for its clients, which include high net worth individuals and families, entrepreneurs, business partners, institutional investors, local governments and charities.
In other New Zealand FinTech news, Hnry, a New Zealand-based accounting FinTech platform, raised $35m in Series B funding on its mission to simplify financial admin for sole traders.
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