Société Générale has reach agreement to deploy Duco’s software-as-a-service (SaaS) enterprise reconciliation and control platform as part of its focus on reinventing its operations functions to provide better insights, enhance customer service and improve data governance.
Société Générale will use the Duco platform to automate key reconciliation processes across all business areas, dramatically improving efficiency compared to legacy systems and spreadsheet based processes. It 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 Société Générale’s Global Banking and Investor Solutions business, says: “Innovation and digital transformation are core to our 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.”
Christian Nentwich, CEO of Duco, said, “The advantages of SaaS and self-service solutions in the reconciliation space are clear and we are glad Société Générale 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.”