Bank JV Transactis extends to wire transfers and direct debits

Bank JV Transactis extends to wire transfers and direct debits

Transactis, the card processing joint venture created by Societe Generale and La Banque Postal, is to expand its operations to cover European and international wire transfers and direct debits.

Formed in 2007 via the merger of the card processing operations of Société Générale and La Banque Postale, Transactis currently handles 22% of payment card transfers in France.

The two banks have contracted with Sopra to extend the shared platform to wire transfer and direct debit transactions in a bid to address emerging issues around instant payments and mobile banking.

They say the new platform will reduce item processing costs for both banks and could come to act as a utility-based service accessible by other banks in Europe.

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