Duco Technologies will offer its data control and reconciliation services to CME Group members starting January 2017, the two firms announced.
The launch follows a six-month trial period with a limited number of futures commission merchants (FCMs).
Duco's service is designed to enable CME member firms to simplify processes around fee structures without investing in infrastructure or IT resources.
CME chief commercial officer Bryan Durkin comments: "We're pleased to offer our member firms an innovative solution to help streamline their current fee processes. Duco's service will reduce manual work, drive efficiency and ensure accuracy between parties."
Currencycloud, an international payments engine, has announced that it will use technology from Duco, a fintech that provides data control services for a variety of operational functions including cash, trade-to-cash, and bank cash flow reconciliations.
"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," says 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.
Societe Generale (SG) plans to deploy Duco’s enterprise software as a service (SaaS) platform across its business as one of its primary reconciliation and data control systems.
SG will use Duco’s platform to automate key reconciliation processes across all business areas, dramatically improving efficiency compared to legacy systems and spreadsheet-based processes.
Estelle Letribot, global head of reconciliation post-trade in SG global banking and investor solutions, says: “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.”