Societe Generale is to give financial institution clients a helping hand on the road to instant payments, releasing an API for embedding in legacy back-end infrastructures to handle faster payments. The dedicated service targets financial and electronic money institutions whose technical infrastructures do not allow them to make instant payments available to their users.
Societe Generale makes instant payment available to its bank, payment and electronic money institution clients through a new offering developed with Transactis.
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.
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.”, according to the press release.
„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.”, saidJean-François Mazure, Head of Cash Clearing Services.
A joint-venture founded in 2008 by Societe Generale and La Banque Postale, Transactis has been developing, managing and operating E-banking, SEPA Transfer, SEPA Direct Debit and international wire transfer Information Systems (IS) for top-tier financial institutions for more than 10 years.
„Though Libra has met with fierce resistance from central banks and supervisory authorities and might never see the light of day, in many other cases tech firms (both start-ups and established big players) have successfully captured bits and pieces of universal banks’ traditional value chain. This trend may only intensify in the coming years. In this environment, European banks remain squeezed.”