New Zealand-based asset manager JBWere NZ has selected cloud-based automation company Duco for the automation of cash and asset reconciliations.
Using the platform, cash and securities held with sub-custodians, share registries and banks can be built and reconciled without code or a dedicated technology team, Duco says.
This removes the need for the use of individual spreadsheets split by registry, sub-custodian and market, a time-consuming legacy process that limits a firm’s ability to reconcile transactions across multiple financial counterparties over the day.
John McDermott, chief operations officer at JBWere NZ, comments: “Duco allows us to automate our daily asset and bank reconciliations to quickly and effectively identify and categorise reconciliation breaks.
“We see potential for so many data validation and comparison tasks across our business. Because of the no-code functionality, reconciliations can be built and owned by the operations team without the need for IT support.”
Keith Man, head of Asia Pacific at Duco, says: “Duco has invested heavily in APAC in order to provide the first-class support and service our customers in the region should rightly expect from a global vendor. I look forward to working with [JBWere NZ] to build out the Duco user community in New Zealand over the course of our partnership.”
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