Duco, a global fintech platform that provides data control services, today announced a new agreement with Currencycloud, an international payments engine. Currencycloud will use Duco Cube, a self-service data control platform, for operational functions including cash, trade-to-cash, and bank cash flow reconciliations.
“We are excited to be working with an innovative firm focused on using technology to drive change across the industry – which is also one of Duco’s core missions,” stated Duco CEO Christian Nentwich. “Currencycloud’s Payment Engine streamlines processes, reduces manual intervention and cuts inefficiencies in currency transfers, which is exactly what we are achieving for firms in the data control space. We look forward to a long and successful partnership.”
In addition to Currencycloud, Duco Cube is employed by a range of international banks, brokers, exchanges, hedge funds and asset managers. The agreement marks a collaboration between two of the industry’s leading fintech companies.
“We are looking to Duco to transform and streamline our reconciliation process. As our volume grows and our network expands we needed to invest in automating our reconciliations to ensure we keep client funds properly protected and handle the transactions across multiple providers,” indicated Currencycloud VP of Operations Jon Burrell. “Duco stood out for their flexible and scalable product and the ease and speed of implementation.”
Currencycloud was recently featured in American Banker and the Bank Administration Institute’s “Fintech Forward: 20 Companies to Watch”; Duco was included in the European Fintech Top 100 list for 2016, and also recently received innovation awards from FIA, FOW and Finance Magnates.
“A key strength of Duco Cube is it has the flexibility to solve any data control challenge in any sector,” added Duco Chief Revenue Officer Jeffrey Gangl. “Duco is extremely well-placed to provide on-demand, robust and comprehensive data control solutions for firms dealing with a large number of payments transfers. We will be looking to expand further in this area going forward.”