TORONTO, May 7, 2024 /CNW/ - CIBC Mellon today announced its strategic collaboration with Duco, a leading SaaS provider of AI-powered data automation. By leveraging Duco's advanced capabilities, CIBC Mellon is set to lower operational risk, streamline processes, and empower finance and operations teams.

"The initiative underscores CIBC Mellon's commitment to investing in technology to manage data effectively while reducing operational risk and improving client experience," said Mal Cullen, Chief Executive Officer, CIBC Mellon. "By harnessing AI-based automation, CIBC Mellon ensures that its processes are exception-based and sustainable in the long run."

"The addition of Duco's data automation technology to our platform signifies a significant step towards enhancing the way we deal with data," said Richard Anton, Chief Client Officer, CIBC Mellon. "By automating repetitive tasks and focusing on insight and analysis, we aim to empower our experts to deliver even greater value to our clients. This collaboration aims to revolutionize the way data is managed, processed, and utilized, ultimately delivering better outcomes for our clients."

"With Duco's intuitive platform, financial services firms gain a comprehensive solution for automating the processing of structured and unstructured data," said Michael Chin, Chief Executive Officer, Duco. "We are dedicated to empowering institutional investors through transformative technologies."

"We're proud to partner with CIBC Mellon," said James Maxfield, Chief Product Officer, Duco. "Their commitment to innovation, combined with our extensive experience of empowering the world's leading financial firms to transform their operations, will enable them to unlock the enterprise-wide benefits of data automation for a faster, more efficient business."

CIBC Mellon and Duco are committed to delivering high-quality service by leveraging cutting-edge technology and working closely with their partners to meet the evolving needs of the industry.

As at March 29, 2024, CIBC Mellon had more than C$2.8 trillion of assets under administration on behalf of banks, pension funds, investment funds, corporations, governments, insurance companies, foreign insurance trusts, foundations and global financial institutions whose clients invest in Canada. CIBC Mellon is part of the BNY Mellon network, which as at March 29, 2024 had US$48.8 trillion in assets under custody and/or administration. CIBC Mellon is a licensed user of the CIBC trade-mark and certain BNY Mellon trade-marks, is the corporate brand of CIBC Mellon Global Securities Services Company and CIBC Mellon Trust Company, and may be used as a generic term to refer to either or both companies. https://www.cibcmellon.com/en/home.jsp

Duco is a leading enterprise platform for data automation. Financial services firms spend tens of thousands of hours every year trying to solve data problems – our vision is to cut that by 90%. We do this by empowering finance and operations teams to automate their mission-critical data with AI and without code.

Business users get one intuitive platform to automate the front-to-back processing of all structured and unstructured data throughout its lifecycle, eliminating the manual work involved in data extraction and classification, to data preparation, validation, reconciliation, exception management and publication to downstream platforms.

Many of the world's largest financial services institutions choose Duco's no-code, cloud-based platform to create trust in their data, which enables them to slash costs, streamline their operations, reduce operational risk and build more agile businesses.

https://du.co/

Media Contact: Brent Merriman, Corporate Communications, CIBC Mellon, 416-643-5065, brent.merriman@cibcmellon.com

SOURCE CIBC Mellon