Societe Generale is to give financial institution clients a helping hand on the road to instant payments, releasing an API for embedding in legacy back-end infrastructures to handle faster payments.
The dedicated service targets financial and electronic money institutions whose technical infrastructures do not allow them to make instant payments available to their users.
The bank, supported by Transactis, a joint-venture by Societe Generale and La Banque Postale, has developed an API that integrates directly into each client’s banking processes and information systems.
Once installed, clients will be able to offer their end-users instant payment, both in transmission and reception, denominated in euro within the Sepa zone, 24/7/365.
Payments will be processed over SocGen's infrastructure with a ten-second guaranteed delivery to recipients.