Societe Generale has signed an agreement to deploy data engineering specialist Duco’s reconciliation for Societe Generale data.
The bank will utilise the Duco platform to automate key reconciliation processes across its various business segments.
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Efficiency is expected to significantly improve post-implementation compared to the old spreadsheet-based and other conventional systems.
In addition, Societe Generale has planned to leverage Duco’s API to offer external reconciliation services.
Societe Generale data
Societe Generale Global Banking and Investor Solutions global head of reconciliation post trade Estelle Letribot 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.”
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By GlobalDataDuco CEO Christian Nentwich added: “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.”
Recently, Societe Generale signed a deal to acquire banking-as-a-service platform Treezor. The platform is also said to manage around €3bn ($3.4bn) in transaction flow annually.
