July 2022

Payment Source cuts reconciliation times by 50% and scales fast with Duco’s data automation platform

Leading Canadian payments company unlocks greater speed and agility with cloud-based, no-code software

28 July 2022, London – Duco, a leading cloud-based data automation company, today announced that Payment Source, the preferred partner to bring innovative payment solutions to the Canadian market, has achieved huge efficiency and scalability gains thanks to the Duco Platform.

As a highly recognised and fast-growing company, Payment Source had reached a point where their existing reconciliation solutions were unable to meet the evolving needs of the business. Their processes were spread across multiple platforms and the team still had to perform some reconciliations manually.

Payment Source wanted a new solution to reconcile internal records of transactions with reports provided by their partners. The right system needed to be up and running quickly, as the holiday season was fast approaching and there would be a large spike in payments volumes during that time.

Duco’s Professional Services team were able to rapidly build the necessary reconciliations and the intuitive nature of the platform meant Payment Source’s own team were able to quickly learn how to build more processes to handle reconciliations with other payment providers.

Payment Source now has a single centralised platform for reconciliations and can ensure their systems are aligned. They now have the ability to act fast if inconsistencies are uncovered. Additionally, the Duco Platform’s advanced matching algorithm and enhanced workflow features have cut reconciliation times by at least 50%. The cloud-based, software-as-a-service (SaaS) platform means Payment Source is also able to cope with volume surges up to threefold with the same team.

“Along with providing a fast, intuitive and scalable reconciliation solution, Duco has a great user interface and is easy to use. We appreciate how Duco consistently improves its solutions by providing a variety of modules, support materials and learning resources,” says Robert Hyde, CEO at Payment Source. “Duco’s support team was also very responsive and helpful throughout the entire implementation process.”

Christian Nentwich, CEO at Duco, said: “It’s great to see the fantastic results Payment Source have achieved by switching to the Duco Platform. Cutting out manual data processes and legacy systems and switching to an intuitive, flexible platform is essential for fast-growing firms who need to respond quickly to changes in their business needs. We’re proud to support firms like Payment Source in securing the agility and control they need as they continue their expansion.”

About Payment Source

Recognized as one of Canada’s Best Managed Companies for five years in a row, Payment Source is the established and ubiquitous Canadian fintech, powering digital payments for everyone. Payment Source gives every Canadian more ways to pay and provides businesses and governments with more ways to be paid. Learn more about Payment Source at www.paymentsource.ca.