Duco for Fintech & Payments

Intersystem Reconciliations

Firms need to be able to trust their data. As data flows through an organisation and between systems it can become corrupt, leading to errors being propagated incorrectly in dozens of systems – which must then be amended manually.

To monitor the risk and maintain control, firms need to run intersystem reconciliations to identify data inconsistencies, but often these are manual or spreadsheet-driven. This creates operational risk, but also lacks automation, transparency, control, and agility to handle change.

Duco provides a flexible system, able to ingest multiple data types with little or no data transformation. Firms can rely on Duco to reconcile data across all the systems they have in place – regardless of formats. The platform can be live in 24 hours, and it uses our unique Natural Rule Language, meaning users can set up new reconciliations using plain English sentences within hours.

Payment Matching

Having a clear, consistent and up-to-date view of accounts payable and receivable can be a daunting task when dealing with many sources and payment providers, all with unique data formats.

With money flowing between legal entities and revenues often shared, consolidation and verification of all this data is a crucial task. But it’s a task that is often complicated by disconnected systems, inflexible technology, currency differences and poor workflow.

With Duco you can ingest data from multiple sources, in multiple currencies and formats, with little or no pre-transformation. You can then normalise that data without code, using our unique Natural Rule Language, greatly simplifying the payments matching process. Our fuzzy matching technology helps you to more accurately identify data that should match, and our automated workflow means nothing slips through the cracks.

Nostro/Vostro Accounts

Get full visibility of your foreign currency transfers and ensure your nostro accounts are always up to date with Duco.

Reconciling nostro and vostro accounts means comparing the statement from the facilitator bank with transactions recorded in firms General Ledger. However, this is often a complex and time-consuming process due to the differences in the way different providers and systems format their data. Errors here mean a loss of visibility over pending transactions and missed opportunities to generate interest revenue from external accounts. It also creates financial exposure.

Duco’s flexible data ingestion means that our agile platform can adapt to multiple flat file formats, as well as SWIFT MT940 and MT950 messages, with little or no pre-transformation. Our proprietary Natural Rule Language empowers non-technical users to build processes in plain English, without code. This means you can quickly adapt to new providers and formats, and swiftly identify missed or pending transactions.

Exchange to Blockchain Reconciliation

Cryptocurrency exchanges facilitate transactions between fiat currencies and digital currencies such as Bitcoin. Customers can deposit in fiat currency and buy cryptocurrency or vice versa. These transactions are documented both in the exchange’s own records and on the blockchain itself. Reconciling exchange data to the blockchain ensures the fiat amounts are accurate.

Duco excels at handling cryptocurrency transaction data because our philosophy has always been to understand data rather than schemas.

Legacy technology struggles to understand these transactions because they don’t have traditional financial attributes such as identifiers like CUSIPs, ISINs or LEIs. Often they don’t have credit or debit flags either.

Duco views all transactions on a data level and therefore users are able to onboard and reconcile cryptocurrency transaction data as easily as other financial data.