Societe Generale taps Temenos for API corporate banking services
Payments automation has become a key factor in the commercial payments arena and traditional banks have started to partner with software providers to update their infrastructure and presence in wake of rising digitisation in commercial payments.
This week, France based global bank, Societe Generale has announced that it has partnered with Switzerland based banking software company, Temenos, to modernize the account management and payment systems for its Global Transaction Banking activities in Europe and Asia.
This year, U.S. Century Bank tapped NCR to transform digital banking for the bank while City National Bank joined with Extend to launch commercial card solutions.
Temenos Payments will provide the payments engine for financial transactions across Asian countries and the Societe Generale international entities will be ISO20022-ready domestically and internationally. The press note also states that this will benefit the bank from ‘agility and flexibility’ to process payments from any channel, external or internal, with a different message or file formats, all in real-time.
“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”, said Max Chuard, CEO at Temenos. Adding further, Chuard said, “This strategic modernization will future-proof the bank’s technology infrastructure, allowing it to transition to the cloud at its own pace”.
Temenos cloud-native technology will enable the banks to adopt hybrid implementation with Temenos software in its data centres or in the cloud – all running from the same source code which being operating on a unified platform for account management and payments will increase operational efficiency and agility while reducing cost and risk.
Temenos has over 3000 banks as clients across the globe including 41 of the top 50 banks which rely on its payments network to process daily transactions and client interactions. It offers cloud-native, cloud-agnostic and AI-driven front office, core banking, payments and fund administration software.