Duco Expands into Payments Space with Currencycloud Agreement
London, 14 December 2016 – Duco, the global fintech provider of data control services, today announced a new agreement with Currencycloud, the international Payments Engine behind a number of leading payment firms. Currencycloud will use Duco Cube, the award-winning self-service data control platform, for a variety of operational functions including cash, trade-to-cash, and bank cash flow reconciliations. 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. Currencycloud was recently featured in the ‘Fintech Forward: 20 Companies to Watch’ list, compiled by American Banker and the Bank Administration Institute (BAI), while Duco was included in the European Fintech Top 100 list for 2016, and also received innovation awards from FIA, FOW and Finance Magnates all in the past 18 months.
‘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,’ said Christian Nentwich, CEO of Duco. ‘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.’
Jon Burrell, VP of Operations at Currencycloud, said: ‘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. Duco stood out for their flexible and scalable product and the ease and speed of implementation.’
‘A key strength of Duco Cube is it has the flexibility to solve any data control challenge in any sector,’ added Jeffrey Gangl, Duco’s Chief Revenue Officer. ‘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.’