Coface Deploys Duco To Ensure Data Quality For IFRS 17 Needs
Duco will provide increased confidence in the quality and accuracy of data for enterprise reconciliation including invoices and claims for IFRS 17 requirements.
London, 29 April 2020 – Duco, the global provider of self-service data integrity and reconciliation services, today announced that Coface, the world’s leading credit insurer, has gone live on the Duco platform. The solution has enabled greater control over data accuracy and integrity to help with the application of IFRS 17 standards. Duco is being deployed across Coface’s global operations as an end user-driven, enterprise-wide data integrity platform to support compliance and improve operational efficiency through automating the reconciliation and exception management process.
Coface provides a comprehensive line of credit insurance to protect companies against potential non-payment by their customers, with cover provided in almost all countries in the world. Meeting IFRS 17 reporting compliance requires data reconciliations between accounting tools and Coface’s central data warehouse. Reconciliation was previously performed in global data quality dashboards based on aggregated amounts which meant that there was no granular visibility. A successful Proof of Concept showed the rapid impact that Duco was able to make.
“Duco enables improved data integrity and quality to feed directly into our reconciliations whilst allowing efficient remediation of exceptions,” explained Keyvan Shamsa, Director of Business Technology, Coface. “As the leader in our field, it is important that we have robust processes in place well ahead of the deadline for IFRS 17 compliance. We chose Duco because they are a genuine disruptor in the reconciliation market with a reputation for making an immediate impact. We were live and setting up our first reconciliations within 24 hours of contract signature. Duco also makes it easier for our Operations and Finance teams to communicate and work together.”
Christian Nentwich, CEO of Duco, added “Ensuring data integrity is a common challenge for financial institutions with a global footprint that also needs a robust regulatory compliance framework. This plays to Duco’s strengths; the platform is data and source system agnostic which means that Coface can reconcile data from any number of systems. With Duco, Coface was able to go live in a day and empower their operations users to build reconciliations without delay.”