Source: Societe Generale
Societe Generale, one of the largest financial services groups in Europe, has partnered with HPD Software, the global leader in working capital finance solutions and invoice finance, to further implement its Aquarius operating platform for the bank’s international factoring activities.
Designed to encourage business growth by securing client/supplier relationships, the receivables finance solution simplifies and standardizes processes, increases efficiencies and minimizes risk for all counterparties.
The solution provides a scalable end-to-end processing platform with multi product, location, language, currency and time-zone capabilities to facilitate automated cash allocation, real-time reporting and analysis, as well as workflow management.
Societe Generale has been working with HPD Software since 1993, rolling-out its solutions across the bank's entities in France, Norway, Serbia, Bulgaria, Morocco, Russia, Germany, Cameroon, Ivory Coast and the Reunion Island with implementation currently underway in Romania.
Over the recent years, factoring has experienced steady growth and is playing an increasingly important role in short-term business finance. This growth is characterized not only by a steady increase in the volume of transferred receivables, but also by a diversification of the offering. With the technical support provided by HPD, Societe Generale has gained a strong global foothold in this industry which its plans to pursue by progressively rolling-out the platform to its international entities.
Eric Frachon, Global Head of Factoring and Supply Chain Finance at Societe Generale, commented: "Present in 66 countries, the timing is right to further develop our international factoring activities to support the short-term financing needs of our clients, who range from small businesses to major corporations. The bank has worked with HPD for many years and as our trusted technology partner we feel confident in the team's ability to support and underpin this activity with its market leading Aquarius platform."
Kevin Day, CEO at HPD Software, added: "We are proud of our long-standing and close relationship with Societe Generale. This agreement is the start of a new chapter in our relationship and we are very excited about Aquarius being the platform to support the bank's ambitious plans.
"We look forward to our continued corporation with Societe Generale, and helping the organisation to develop receivables finance globally.”