The banking sector generates $1 trillion in revenues each year and represents 40% of all global banking revenues
Societe Generale has selected Temenos to modernize the account management and payment systems for its Global Transaction Banking activities in Europe and Asia.
According to the press release, Societe Generale will replace existing legacy systems with Temenos’ cloud-native banking platform in 13 countries across Europe and Asia. That’s a part of a strategic transformation plan to offer new and differentiating global transaction banking services and drive growth.
Leveraging Temenos Transact’s corporate banking functionality, Societe Generale aims to bolster its products and services offering with additional ones. The company is seeking to both better meet the needs of its clients and support a segment identified as a key growth area in the future.
Temenos Payments will provide the payments engine for financial transactions across all Asian countries. With this platform, the bank’s international entities will be ISO20022-ready domestically and internationally. And the bank will benefit from the agility and flexibility to process payments from any channel, external or internal, with different message or file formats, all in real-time.
Besides, Temenos cloud-native technology will enable Societe Generale to adopt a hybrid implementation with Temenos software in its data centers 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.
We’ve reported that Virgin Money Australia digital bank goes live with Temenos.