FIS selected by Societe Generale for instant European corporate payments

Financial services technology firm FIS has announced that Societe Generale has selected its Payments-as-a-Service (PaaS) solution to offer real-time payments to corporate clients in nine European countries. The bank wanted to use the emerging SEPA Instant Credit Transfer (SCT Inst) scheme to provide faster, more transparent payments processing for its corporate clients.

Societe Generale will use the PaaS solution to serve its corporate clients in Europe, except for France, through the SCT Inst scheme. Offered as a turnkey, managed solution, the solution enables financial institutions to connect to the SCT Inst real-time payments scheme with what are described as limited upfront investments.

The FIS PaaS solution complies with the XML ISO 20022 international payments standard related to all aspects of real-time payments processing, including reconciliation, settlement, and anti-money laundering (AML) screening. The solution supports a range of payment schemes covering batch and real-time payments such as SEPA Instant Credit Transfer (SCT Inst), Clearing House Automated Payment System (CHAPS) and Faster Payments System (FPS).