10 December 2016
Visit aciworldwide.com

Société Générale and La Banque Postale form e-payments venture

10 January 2008  |  12361 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  |  5982 views  |  0 comments
Banks not ready for Sepa deadline - Finextra research

Banks not ready for Sepa deadline - Finextra research

01 October 2007  |  6049 views  |  0 comments
Sepa success subject to incentives for corporates - report

Sepa success subject to incentives for corporates - report

13 September 2007  |  8051 views  |  0 comments
Banks launch French joint venture employee savings platform

Banks launch French joint venture employee savings platform

02 February 2006  |  3511 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
http://www.financialcrimerisk.fiserv.com/aml?r=finextraVisit aciworldwide.comVisit capgemini.com

Top topics

Most viewed Most shared
China tops world fintech rankingsChina tops world fintech rankings
8583 views comments | 39 tweets | 31 linkedin
EBA bends under weight of PSD2 mandatesEBA bends under weight of PSD2 mandates
8216 views comments | 37 tweets | 48 linkedin
Guesswork alone can crack Visa card security - Newcastle UniversityGuesswork alone can crack Visa card securi...
8026 views 12 comments | 15 tweets | 27 linkedin
PSD2 will transform the payments landscapePSD2 will transform the payments landscape
7115 views comments | 23 tweets | 13 linkedin
Fed Governor sounds warning on alternative credit scoring dataFed Governor sounds warning on alternative...
6851 views comments | 20 tweets | 23 linkedin

Featured job

Find your next job