Unlocking greater auditability and cost-savings by centralising reconciliation

“We reviewed different systems and Duco scored above the rest in a long list of areas, particularly the ease in creation of reconciliation processes, excellent UI and simple menu options. We also benefit from the way that a non-technical person can create and run reports, the platform’s informative notifications and transparent audit options.”

KOHO Financial are a Canadian fintech company offering full-service spending and savings accounts, who partner with various banks and federally regulated institutions.

They chose Duco to achieve cost savings, reduce time spent identifying mismatching transactions, improve data quality and lower operational and audit risk.

Duco’s flexible, no-code platform has enabled KOHO’s finance operations team to build data quality controls and audit reports themselves, with no need for technical support.

The shortcomings of legacy tools created risk for KOHO and drained resources. For example, the team lost 20 hours per month on just one process because they had to manually download and compare records.

KOHO uses Duco to reconcile payment transactions between their general ledger and an internal system, as well as against their bank statements.

Their previous solution for this was highly technical, requiring knowledge of Structured Query Language (SQL) in order to build reconciliations. It often generated false exceptions, struggled with differences in field formatting and was impossible to audit.

Switching to Duco has increased auditability and agility for KOHO, supporting growth as the team is now able to respond fast to new payment streams.