Mama Money Improves Financial Control with Duco
Duco’s automated matching process provides the capacity of two full time employees. Having gone live in 24h, costs are now capped, enabling rapid and controlled scaling.
London, 25 July 2019 – Duco, the global leader of cloud-based enterprise data integrity and next-generation reconciliation services today announced that Mama Money, the world’s first social business money transfer operator, has gone live on the Duco reconciliation platform. The solution enables Mama Money to accurately reconcile payments with cash movements. The advanced workflow automation has already delivered savings in personnel, greater financial control and other operational efficiencies.
Mama Money is a rapidly growing international payments company that enables people to send money to 15 countries across Africa and Asia with fees as low as 3% to promote financial inclusion and help alleviate poverty. Sending money to Africa is the most expensive region in the world with major banks charging as much as 20% or more in fees. Previously Mama Money used in-house systems and manual processes to perform vital reconciliations. Following a detailed market evaluation, Mama Money chose Duco based on its self- service automation capabilities, flexibility and the potential for rapid impact.
Nicolas Vonthron, Chief Operating Officer at Mama Money explained, “Duco’s advanced technology offered us something different compared to other platforms that were not originally designed for the cloud. The deployment was surprisingly quick and we saw an immediate impact on our reconciliation and financial control processes. Duco gives us great flexibility and scalability to grow our volumes without needing additional staff to oversee this time-consuming process.”
Christian Nentwich, CEO of Duco concluded, “Mama Money is a disruptive service in the mobile payments market. By bringing cashless money transfers to migrant workers, it is making a real difference to tackling social problems. In an environment where margins are slim, and where transactions go real-time, the value of a cloud-based reconciliation platform that offers a rapid deployment, fast time to value and quick ROI is invaluable. We look forward to playing our small part in enabling Mama Money’s service to expand rapidly in the next few years.”
Duco is a machine learning software and services company that specializes in providing data quality and reconciliation solutions. Its award-winning, cloud native Duco platform is changing the game as to how financial firms approach their most challenging data quality issues. Duco is the only modern, enterprise-grade alternative to costly and inefficient reconciliation legacy systems. Its self-service technology allows operations professionals to build and manage reconciliation processes from scratch – without any sort of infrastructure project. The platform can be live for a customer within 24 hours with tangible business results in the first week and ROI within the first 30 days. Headquartered in London, with offices in New York, Luxembourg, Edinburgh, Wroclaw and Singapore, Duco’s customers include global banks, brokers, asset managers, exchanges and middle and back office outsourcers.
About Mama Money
Mama Money is at the forefront of driving the digital transformation of international payments and is a rapidly growing social business and money transfer operator that helps migrant workers send more money home to their loved ones with fees as low as 3%. Using mobile technology Mama Money has developed a simple application that allows users to register within 24-hours and start sending money across Africa and Asia using just their phones. By the end of 2020 Mama Money aims to be operating in 50 countries including new territories spanning Europe, Asia and Africa.