29th March 2023 – Duco, a leading data automation company, today announced that Mama Money, a rapidly growing fintech that offers cross-border money transfers and banking services, have expanded their use of Duco’s no-code solution to add automated daily cash balance controls.
The move strengthens a successful three-year relationship during which Mama Money has been able to eliminate manual payments reconciliations and focus on fixing exceptions at source, resulting in a 99% match rate. Removing spreadsheet-based controls means that multiple departments have been freed of the burden of manual work and the remaining exceptions are managed by a single, small team.
Nicholas Riva, Chief Operating Officer at Mama Money, said: “Duco has enabled us to strengthen our cash control framework with greater visibility and a timelier view of cash balances and differences. Instead of manual controls, we can now run daily cash reconciliations to spot and resolve exceptions much faster. The platform has made it possible to create a central repository of bank statement data to build enhanced reporting capabilities for even greater transparency and analytics.”
Christian Nentwich, CEO at Duco, said: “Cash reconciliation is a very specific, mission-critical process where Duco has been increasing investments substantially. We are pleased to see Mama Money deploying us for their cash controls. This is a firm doing important work in making payments fairer and more accessible and I’m proud that Duco’s technology is playing a role in enabling them to do this.”