Societe Generale, one of the largest banks in Europe by total assets, has selected Temenos to modernize the account management and payment systems for its Global Transaction Banking activities in Europe and Asia.
Societe Generale 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 and differentiating global transaction banking services and drive growth.
Temenos Payments will provide the payments engine for financial transactions across all Asian countries. With this next-generation platform, the bank’s international entities will be ISO20022-ready domestically and internationally. And the bank will benefit from the agility and flexibility to process payments from any channel, external or internal, with different message or file formats, all in real-time.
Temenos cloud-native technology will enable Societe Generale 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, said:
“Temenos is a proven solution that offers the functionality and agility to deliver a better banking experience to our customers with the scalability and performance to support future growth. 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 optimize processing efficiencies and enhance service innovations for our transaction banking clients.”
Max Chuard, CEO, Temenos, added:
“We are proud to partner with such a prestigious Tier 1 bank to accelerate their digital transformation. With Temenos’ cloud-native, API-first technology, the bank can innovate with speed, ease, and efficiency to meet the evolving needs of its global transaction banking clients. This strategic modernization will future-proof the bank’s technology infrastructure, allowing it to transition to the cloud at its own pace. To be selected by Societe Generale for this important project demonstrates our technology leadership and our shared vision to make banking better.”
