Banking News

SocGen to Overhaul Transaction Banking Legacy Systems

(16 June 2021 – Global) Societe Generale has selected Temenos to modernise the account management and payment systems for its global transaction banking activities in Europe and Asia.

The Tier 1 bank 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 global transaction banking services to its corporate clients.

Under the contract, Temenos Payments will provide Societe Generale with an ISO20022-ready payments engine for financial transactions across all Asian countries. The implementation will ensure that the bank is able to process payments from any channel, external or internal, with different message or file formats, all in real-time.

Societe Generale intends to adopt a hybrid implementation with Temenos software in its data centres 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, says: “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 optimise processing efficiencies and enhance service innovations for our transaction banking clients.”