Temenos (SIX: TEMN), the banking software company, announced today that Societe Generale, one of Europe’s largest banks by total assets, has chosen Temenos to manage the Modernize account management and payment systems for their global transaction banking activities in Europe and Asia.
Global transaction banking is big business. According to McKinsey , the sector has annual sales of $ 1 trillion and accounts for 40% of all global banking revenue.
Société Générale is a global leader in this sector and offers a comprehensive and integrated range of services to meet the operational and daily transaction needs of its corporate and institutional clients.
In view of the technological revolution that is changing customer expectations and the competitive landscape, Temenos’ agile technology platform will enable Societe Generale to deliver sophisticated corporate customer products and services with digital-first experience and thus always be one step ahead of the times.
Societe Generale will replace existing legacy systems in 13 countries in Europe and Asia with Temenos’ cloud-native banking platform. This is part of a strategic transformation plan to deliver new and differentiating global transaction banking services and drive growth.
By using the extensive functions of Temenos Transact for corporate banking, Societe Generale wants to expand its range of products and services. She hopes to better meet the needs of her customers and to support a segment that she sees as an important growth area for the future.
Temenos Payments will provide the payment engine for financial transactions in all Asian countries. With this next-generation platform, the bank’s international branches will be ISO20022-compliant, both domestically and internationally. The bank will also benefit from the agility and flexibility of processing payments via any channel, whether external or internal, with different message or file formats in real time.
With Temenos’ cloud-native technology, Societe Generale can use a hybrid implementation where Temenos software runs in their data centers or in the cloud – on the same source code. Operation on a uniform platform for account management and payments in different regions is intended to significantly increase operational efficiency and agility while reducing costs and risks at the same time.
Philippe Morère, Global CIO and Deputy COO of Societe Generale Global Business & Investor Solutions, said: “Temenos is a proven solution that offers the functionality and agility to provide our customers with a better banking experience. Their scalability and performance will also support future growth. ”
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“A big advantage of Temenos is the possibility to operate a unified platform on site or in the cloud, which provides services that can be easily integrated with our digital B2B platform SG Markets. In Asia, Temenos’ uniform platform for core banking and payments across all regions will help us to optimize processing efficiency and improve service innovations for our transaction banking customers. ”
Max Chuard , CEO of Temenos , said, “We are proud to partner with such a renowned Tier 1 bank and accelerate their digital transformation. With Temenos’ cloud-native, API-first technology, the bank can innovate quickly, easily and efficiently to meet the growing demands of its global transactional banking customers. This strategic modernization makes the bank’s technological infrastructure future-proof and enables it to transition to the cloud at its own pace. The fact that Societe Generale selected us for this important project is testament to our technological leadership and our shared vision to make banking better. ”
The architecture of Temenos is based on Open API. It enables the flow of data across the functional business areas of a commercial bank, from payment transactions to cash management, and thus enables efficiency gains and lower total operating costs by consolidating systems and enabling new business models. Forrester recognized Temenos’ investments and innovations, and the platform was named a Leader in The Forrester Wave ™: Digital Banking Processing Platforms (Corporate Banking), Q3 2020. Temenos Payments is also recognized as a leader in IDC MarketScape for global integrated payment platforms and has been number 1 of the best-selling payment systems in the IBS Intelligence Sales League Table for three years .
