28 September 2016
Visit colt.net

Société Générale and La Banque Postale form e-payments venture

10 January 2008  |  12301 views  |  0 Societe Generale

French banking group Société Générale (SocGen) and state-owned postal bank La Banque Postale are establishing a joint venture that will manage the development and operation of their respective electronic payment systems.

The 50:50 JV, which will be headquartered in Paris with a team in Strasbourg, is scheduled for operational launch on 1 April.

SocGen says the JV will help both banks reduce investment, maintenance and operating costs by sharing the management of transaction systems for card payments, retail operation and ATMs.

The two banks have 10 million cards in use between them in France, with over 100,000 retailer contracts and 10,000 ATMs.

SocGen says the two banks will each retain control of their commercial, pricing policy and client relationship management operations.

Explaining the move, Patrick Werner, CEO, La Banque Postale, says: "As part of our development strategy in electronic payment, the partnership with Société Générale is an answer to the challenge of Sepa and the technical evolutions in this area."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

SocGen rolls out Xenomorph's TimeScape

SocGen rolls out Xenomorph's TimeScape

16 October 2007  |  5930 views  |  0 comments
Banks not ready for Sepa deadline - Finextra research

Banks not ready for Sepa deadline - Finextra research

01 October 2007  |  6011 views  |  0 comments
Sepa success subject to incentives for corporates - report

Sepa success subject to incentives for corporates - report

13 September 2007  |  7992 views  |  0 comments
Banks launch French joint venture employee savings platform

Banks launch French joint venture employee savings platform

02 February 2006  |  3480 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit www.abe-eba.euVisit i2cinc.comFind out more

Who is commenting?

Top topics

Most viewed Most shared
RBS tests demonstrate ability of Ethereum to support a national domestic payments systemRBS tests demonstrate ability of Ethereum...
14238 views comments | 55 tweets | 48 linkedin
Swift beware: Ripple signs banks to global payments steering groupSwift beware: Ripple signs banks to global...
8927 views comments | 33 tweets | 18 linkedin
Banks clubbing together to tackle KYCBanks clubbing together to tackle KYC
7942 views comments | 3 tweets | 8 linkedin
FCA to kickstart sandbox with 24 applicantsFCA to kickstart sandbox with 24 applicant...
7259 views comments | 33 tweets | 15 linkedin
BNP Paribas is working with clients on blockchain deploymentBNP Paribas is working with clients on blo...
7247 views comments | 14 tweets | 30 linkedin

Featured job

Find your next job