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.”
Duco is changing the way the world controls its data. Its award-winning hosted platform, Duco Cube, enables firms to control complex data using light-touch, self-service technology. In the past 18 months, Duco was voted into the European Fintech Top 100 list by a panel of experts, as well as winning the FOW International Award for ‘Best New Product – Reconciliation’, the ‘Best of Show’ award at the Finance Magnates London Summit, and was one of the inaugural recipients of the FIA Innovation award. Headquartered in London, with offices in New York and Luxembourg, Duco serves clients throughout Europe, the United States, Africa, Asia, the Middle East and Australia.
Currencycloud‘s Payment Engine is the power inside countless businesses, driving the transformation of the global payments landscape. The company is re-imagining the way money flows through the global digital economy, allowing payment firms to remove the friction and inefficiencies of traditional cross-border payments using its flexible APIs. Launched in 2012 Currencycloud is based in London and is regulated in Europe, the USA and Canada.