Duco, the enterprise software as a service (SaaS) company has just announced an agreement with Societe Generale, the French bank and global provider of financial services to deploy Duco’s platform across the group as one of its primary reconciliation and data control systems.
Societe Generale will use Duco’s innovative platform to automate key reconciliation processes across all business areas, dramatically improving efficiency compared to legacy systems and spreadsheet-based processes. Societe Generale will also use Duco’s API to provide external reconciliation services to its clients in its capital markets business, adding value to its trade execution and clearing services.
Estelle Letribot, Global Head of Reconciliation Post Trade in Societe Generale Global Banking and Investor Solutions, said:
Innovation and digital transformation are core to Societe Generale’s strategy, both internally and for our clients. By working with Duco, we have an opportunity to reinvent our operations, introducing agility, automation and machine learning in a function that has traditionally proved very expensive and time consuming.
Cristobal Conde, Duco advisor and former CEO of SunGard, added:
This is the first time in more than a decade that a new reconciliation model for financial services firms is emerging and being put to use in a core, mission critical function. The transformation of the reconciliation process from installed point solutions towards Software as a Service and more intelligent user-driven controls is proving compelling from a cost and risk perspective, and is gathering pace.
Christian Nentwich, CEO of Duco, commented:
The advantages of SaaS and self-service solutions in the reconciliation space are clear and we are glad that Societe Generale shares our vision. With machine learning and cloud-based delivery models now ready for prime time, the industry is rapidly going through a major transformation towards agile services like Duco that mutualise cost and remove unnecessary manual work.