Infrastructure Platforms

Phoenix Group modernises asset reconciliation with Duco’s AI-driven cloud platform

Friday, 19 December 2025 6:42PM UTC

Phoenix Group partners with SaaS specialist Duco to overhaul reconciliation processes, adopting an AI-powered, cloud-based platform to enhance control, efficiency, and regulatory compliance across its asset management operations.

Duco, the London-headquartered SaaS specialist in AI-powered operational data automation, has been selected by Phoenix Group to modernise reconciliation across the insurer’s asset management operations, according to FinTech Global and multiple industry reports. The strategic collaboration will see Phoenix move reconciliation workflows to a single, cloud-based environment designed to span investment and accounting records across more than 20 administrators and multiple asset classes. ^[1]^[4]^[5]

The project is intended to consolidate fragmented reconciliation processes into a unified platform to strengthen controls, reduce manual workloads and clarify team ownership of day-to-day reconciliation activities. Industry coverage describes the work as establishing a common operating model for data matching and exception management across a complex, multi-administrator estate. ^[1]^[4]^[5]

Philip Shaw, Asset Management COO of Phoenix Group, said: “Bringing our reconciliation infrastructure to the cloud is a key part of our operational strategy. With Duco, we can manage change more quickly, reduce reliance on IT support, and establish a consistent model for how data is reconciled across the business.” The comment underscores Phoenix’s emphasis on operational agility and line-of-business control over reconciliation processes. ^[1]

Phoenix’s initial implementation phase will focus on automating reconciliations between the Investment Book of Record (IBOR) and the Accounting Book of Record (ABOR). That step is framed as both a means to deliver consistent, auditable controls and to support regulatory alignment, including European Market Infrastructure Regulation (EMIR) reporting and related oversight requirements. ^[1]

Duco describes its platform as combining proprietary matching techniques, cloud-native architecture, no-code configuration and artificial intelligence to break what the vendor calls the financial-services “bad data cycle”. Michael Chin, Chief Executive Officer of Duco, said: “Phoenix Group represents the kind of institution Duco was made for: complex operations, multiple data sources, and a clear drive for efficiency and control. We’re delighted to support them in building a reconciliation platform that’s fit for the next decade.” Reporting by BusinessWire and company materials provide additional context on Duco’s broader offering and thought leadership in reconciliation maturity. ^[1]^[2]

Duco has for several years positioned reconciliation modernisation as a route to measurable cost and risk reductions. According to Duco’s updated Reconciliation Maturity Model, published earlier in 2025, progressing from manual or hybrid approaches to a continuously improving, AI-driven model can deliver substantial savings and faster remediation of risk events; the firm estimates potential savings in the millions for large control estates. Duco’s own financial disclosures from previous reporting periods highlight strong contract growth and high net revenue retention, signalling vendor momentum in selling such transformation programmes to major banks and asset managers. ^[2]^[3]

The Phoenix deal reflects a wider industry push to replace spreadsheet-led and legacy reconciliation systems with cloud-first, automated platforms as asset managers and insurers seek tighter auditability and scalability. Observers note that centralised reconciliation platforms can ease regulatory reporting burdens, accelerate settlement and accounting reconciliations, and reduce the operational overhead that has historically fallen on specialist middle-office teams. ^[4]^[5]^[2]

Implementation will be watched closely by market participants because success depends on mapping diverse data sources and operational workflows into a consistent control framework across administrators and asset classes. Phoenix and Duco say the relationship is collaborative and designed to support future growth; beyond vendor claims, independent delivery will be measured by the extent to which the new platform reduces exception volumes, shortens remediation times and lowers audit and operational costs in practice. ^[1]^[4]^[2]

📌 Reference Map:

##Reference Map:

^[1] (FinTech Global) - Paragraph 1, Paragraph 2, Paragraph 3, Paragraph 4, Paragraph 5, Paragraph 8
^[4] (FinanceFeeds) - Paragraph 1, Paragraph 2, Paragraph 8
^[5] (FF News) - Paragraph 1, Paragraph 2, Paragraph 7
^[2] (BusinessWire) - Paragraph 5, Paragraph 6, Paragraph 8
^[3] (BusinessWire) - Paragraph 6

Source: Noah Wire Services

More on this

https://fintech.global/2025/12/19/duco-partners-with-phoenix-group-to-modernise-reconciliations/?utm_source=rss&utm_medium=rss&utm_campaign=duco-partners-with-phoenix-group-to-modernise-reconciliations - Please view link - unable to able to access data
https://www.businesswire.com/news/home/20250403236776/en/Duco-Launches-Reconciliation-Maturity-Model-The-Best-Practice-Automation-Guide-for-Financial-Reconciliation-in-2025-and-Beyond - Duco, a leading provider of enterprise data automation, has introduced its updated Reconciliation Maturity Model, offering financial firms a framework to benchmark and enhance their reconciliation processes. The model outlines five stages of maturity: manual chaos, hybrid capabilities, centralised excellence, fully federated, and continuous improvement. By advancing through these stages, institutions can achieve significant cost savings and operational efficiencies. For instance, moving from manual processes to a continuously improving AI-powered model can save up to $37.9 million annually for 1,000 controls. The model also highlights the impact on audit costs and risk event remediation times as firms progress.
https://www.businesswire.com/news/home/20230411005036/en/Duco-Announces-Record-Financial-Year-and-Two-Major-New-Enterprise-Agreements - Duco, a leading SaaS provider of data automation, reported a record financial year ending 31 March 2023, with Annual Contract Value (ACV) growth of 40% and Net Revenue Retention (NRR) at 131%. The company secured two major enterprise agreements totaling over $27 million in revenue, excluding professional services, with global banks. These agreements aim to automate thousands of manual, spreadsheet-based processes and migrate from legacy reconciliation software to Duco's platform, enhancing efficiency, data quality, and reducing operational risk.
https://financefeeds.com/duco-and-phoenix-group-team-up-to-modernise-asset-management-reconciliations/ - Duco has entered into a strategic collaboration with Phoenix Group, one of the UK's largest long-term savings and retirement businesses, to modernise data reconciliation across the group's asset management operations. Phoenix Group is deploying Duco's AI-powered SaaS platform to streamline reconciliation processes, strengthen controls, and support efficient growth across a complex operating environment. The initiative will establish a unified, cloud-based reconciliation framework covering investment and accounting records across 20 administrators and multiple asset classes, aiming to reduce operational complexity while improving transparency and oversight.
https://ffnews.com/newsarticle/fintech/duco-partners-with-phoenix-group-to-modernise-data-reconciliation-across-asset-management/ - Duco, a leading SaaS provider of AI-powered operational data automation, has announced a strategic collaboration with Phoenix Group, one of the UK's largest long-term savings and retirement businesses, to modernise reconciliation infrastructure, empower operational teams, and scale efficiently across its Asset Management division. The project will create a unified, cloud-based environment for reconciling investment and accounting records across 20 administrators and multiple asset classes. By simplifying these critical workflows, Phoenix aims to strengthen controls, reduce manual intervention, and give its teams greater ownership of daily operations.
https://financefeeds.com/duco-and-phoenix-group-team-up-to-modernise-asset-management-reconciliations/ - Duco has entered into a strategic collaboration with Phoenix Group, one of the UK's largest long-term savings and retirement businesses, to modernise data reconciliation across the group's asset management operations. Phoenix Group is deploying Duco's AI-powered SaaS platform to streamline reconciliation processes, strengthen controls, and support efficient growth across a complex operating environment. The initiative will establish a unified, cloud-based reconciliation framework covering investment and accounting records across 20 administrators and multiple asset classes, aiming to reduce operational complexity while improving transparency and oversight.
https://financefeeds.com/duco-and-phoenix-group-team-up-to-modernise-asset-management-reconciliations/ - Duco has entered into a strategic collaboration with Phoenix Group, one of the UK's largest long-term savings and retirement businesses, to modernise data reconciliation across the group's asset management operations. Phoenix Group is deploying Duco's AI-powered SaaS platform to streamline reconciliation processes, strengthen controls, and support efficient growth across a complex operating environment. The initiative will establish a unified, cloud-based reconciliation framework covering investment and accounting records across 20 administrators and multiple asset classes, aiming to reduce operational complexity while improving transparency and oversight.

Noah Fact Check Pro

The draft above was created using the information available at the time the story first emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation.

Freshness check

Score: 8

Notes: The narrative was first published on December 19, 2025, and has been reported by multiple reputable outlets, including FinTech Global, FinanceFeeds, and FF News. The earliest known publication date of substantially similar content is December 16, 2025, indicating that the information is fresh. The narrative is based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were found. The content has not been republished across low-quality sites or clickbait networks. No earlier versions show different figures, dates, or quotes. The article includes updated data and does not recycle older material. No similar content has appeared more than 7 days earlier.

Quotes check

Score: 9

Notes: The direct quotes from Philip Shaw, Asset Management COO of Phoenix Group, and Michael Chin, CEO of Duco, are unique to this narrative. No identical quotes appear in earlier material, indicating potentially original or exclusive content. No variations in quote wording were found.

Source reliability

Score: 9

Notes: The narrative originates from reputable organisations, including FinTech Global, FinanceFeeds, and FF News. The press release is from Duco, a London-based fintech provider of hosted reconciliation services, and Phoenix Group, one of the UK's largest long-term savings and retirement businesses. Both entities have a verifiable public presence and legitimate websites.

Plausibility check

Score: 8

Notes: The claims about Duco partnering with Phoenix Group to modernise reconciliation processes are plausible and align with industry trends towards cloud-based reconciliation solutions. The narrative is covered by multiple reputable outlets, including FinanceFeeds and FF News. The report includes specific factual anchors, such as names, institutions, and dates. The language and tone are consistent with the region and topic. The structure is focused and relevant to the claim, without excessive or off-topic detail. The tone is formal and appropriate for corporate communication.

Overall assessment

Verdict (FAIL, OPEN, PASS): PASS

Confidence (LOW, MEDIUM, HIGH): HIGH

Summary: The narrative is fresh, with no evidence of recycled content. The quotes are unique and not found in earlier material. The sources are reputable, and the claims are plausible and supported by specific details. No credibility risks were identified.

Financial Technology
Asset Management
Data Automation