Societe Generale makes instant payment available to its bank, payment and electronic money institution clients through a new offering developed with Transactis
Image: The registered offices of Societe Generale. Photo: Courtesy of Frederic Humbert/ Wikipedia.org.
A major player in instant payment since January 2019 for retail clients and June 2019 for corporates, Societe Generale now brings this innovation to its bank, payment and electronic money institution clients with a dedicated offering. It targets financial institutions whose technical infrastructures do not allow them to make instant payment available to their users.
The Bank, supported by Transactis, a joint-venture by Societe Generale and La Banque Postale, has developed an API (Application Programming Interface) that integrates directly into each client’s banking processes and information systems. With this API, they can offer their end-users instant payment, both in transmission and reception, denominated in euro within the SEPA zone, 24/7/365. For clients eager to make instant payment available to their users, this offer allows them to build on Societe Generale’s expertise, whose infrastructures will process each payment in less than 10 seconds.
Jean-François Mazure, Head of Cash Clearing Services said: “Societe Generale is one of the very first banks to create a dedicated offering making instant payment available for those financial institutions. It is the perfect illustration of our ambitions in the payment business, and our desire to offer our customers innovative and efficient solutions that best meet their needs.”
Source: Company Press Release