Currencycloud is a fast-growing international payments fintech. They needed to automate their reconciliation process and reduce reliance on spreadsheets, while ensuring their transaction data was accurate and auditable.
Before switching to Duco Currencycloud’s operations staff had to carry out break investigations manually. They had multiple spreadsheets to track payments to a from the various banks the company deals with – a setup that meant problems took hours to investigate. It was not unusual for staff to spend in excess of eight hours identifying issues across just one bank account.
Currencycloud needed an on-demand, robust solution able to deal with a large and growing number of payments transfers. Duco was the clear leader out of the companies shortlisted thanks to its flexibility, scalability and the ease and speed of implementation.
“The beauty of Duco is that people can build their own reconciliations and solve their own problems. It's very user-friendly. If you can use Microsoft Excel, you can use Duco.”
Currencycloud’s operations staff were able to set up their first reconciliation for their core bank accounts on Duco within two hours and with very little training required. Within a week they had reconciliations running for another 10 accounts.
Staff now have a consolidated overview of all exceptions and can drill down into transactions quickly when investigating problems. This greater degree of control meant that within the first year Duco eliminated the financial impact of reconciliation breaks.