KOHO Financial centralises recon, reduces risk and improves auditability
Canadian fintech achieves cost and risk reduction by centralising reconciliations on Duco’s solution.
13 December 2022, London – Duco, a leading cloud-based data automation company, today announced that Canadian fintech KOHO Financial has been able to centralise their reconciliation processes and improve auditability thanks to Duco’s cloud-based data automation platform.
KOHO chose Duco to achieve their key objectives: cost savings, reduced time spent identifying mismatching transactions, improved 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.
This has increased auditability and agility for the company, supporting growth as the team is now able to respond fast to new payment streams.
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.
The shortcomings of the tool created risk for the business and drained resources. For example, the team was losing 20 hours a month on just one process because they had to manually download and compare records.
Saurabh Sharma, Sr. Payment Operations Analyst at KOHO, said: “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.”
Christian Nentwich, CEO at Duco, said: “Duco helps firms to change their operating model by giving subject matter experts the ability to build data controls. This creates an agile, streamlined middle and back office and removes the support burden from IT, who have bigger priorities to focus on. It’s great to see the initial results from our partnership with KOHO and I’m looking forward to seeing what they achieve next.”
KOHO is a Fintech company on a mission to make financial products that are transparent and intuitive. KOHO offers a full-service spending and savings account with no hidden fees that gives cash back on every purchase, and an integrated app that helps users spend smart and save more.
KOHO is a Fintech company, not a bank. KOHO partners with a variety of banks and federally regulated financial institutions to deliver our products.