/wholesale banking

News and resources on transaction banking, corporate banking and supply chain finance.
SocGen to overhaul global transaction banking business with Temenos

SocGen to overhaul global transaction banking business with Temenos

Societe Generale has selected Temenos to modernise the account management and payment systems for its global transaction banking activities in Europe and Asia

The Tier 1 bank will replace existing legacy systems with Temenos’ cloud-native banking platform in 13 countries across Europe and Asia as part of a strategic transformation plan to offer new global transaction banking services to its corproate clients.

Global transaction banking is big business. According to McKinsey, the sector generates $1 trillion in revenues each year and represents 40% of all global banking revenues.

Under the contract, Temenos Payments will provide Societe Generale with an ISO20022-ready payments engine for financial transactions across all Asian countries. The implementation will ensure that the bank is able to process payments from any channel, external or internal, with different message or file formats, all in real-time.

Societe Generale intends to adopt a hybrid implementation with Temenos software in its datacenters or in the cloud - all running from the same source code. Operating on a unified platform for account management and payments across geographies is expected to significantly increase operational efficiency and agility while reducing cost and risk.

Philippe Morère, global CIO and deputy COO, Societe Generale Global Business & Investor Solutions, says: “A big advantage of Temenos is the ability to operate a unified platform on-premise or on the cloud, providing services that can be easily integrated with our digital B2B Platform SG Markets. As for Asia, Temenos’ unified platform for core banking and payments across geographies will help us to optimise processing efficiencies and enhance service innovations for our transaction banking clients.”

Comments: (0)