Societe Generale has picked Duco’s platform to provide better insights, enhance customer service and improve data governance.
The French bank and global provider of financial services said it will deploy Duco’s platform across the group as one of its primary reconciliation and data control systems.
Societe Generale will use Duco’s platform to automate key reconciliation processes across all business areas, dramatically improving efficiency compared to legacy systems and spreadsheet-based processes. It will also leverage Duco’s API to provide external reconciliation services to its clients in its capital markets business, adding value to its trade execution and clearing services.
Cristobal Conde, Duco advisor and former CEO of SunGard, adds, “This is the first time in more than a decade that a new reconciliation model for financial services firms is emerging and being put to use in a core, mission critical function.
“The transformation of the reconciliation process from installed point solutions towards Software as a Service and more intelligent user-driven controls is proving compelling from a cost and risk perspective, and is gathering pace.”
Reconciling data can be a complex, laborious process. However, Duco claims to enable finance, operations and IT experts to set up complex reconciliations from scratch in hours.
According to the company, 10 of the world’s top 30 banks by total assets now use Duco, as well as a growing number of global asset managers, brokers, exchanges and middle and back office outsourcers.
Its read-only audit logs and version control – retained for up to ten years – gives the user the trail they need for internal and external audit.
Duco Cube also compares the user’s books and records to regulators, trade repositories and ARMs. It identifies errors, under-reporting and over-reporting and assigns them for investigation. Regulations require data from across the firm, with many potential break points. Its solution allows the user to monitor consistency and locate the source of errors rapidly.
hristian Nentwich, CEO of Duco, said, “With machine learning and cloud-based delivery models now ready for prime time, the industry is rapidly going through a major transformation towards agile services like Duco that mutualise cost and remove unnecessary manual work.”
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