Enterprise data services firm Duco has announced the launch of the world’s first social business money transfer operator - Mama Money. 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. "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," a spokesperson said. 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 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.
Subscribe to The Financial Analyst to get original opinion and all the latest news on trending financial topics and breaking stories related to analysis and global markets. If you have a tip or a financial opinion to share get in touch to submit your story.