Temenos (SIX: TEMN), the banking software company, today announced that Societe Generale, one of the largest banks in Europe by total assets, has selected Temenos to modernize the account management and payment systems for its Global Transaction Banking activities in Europe and Asia.
Global Transaction Banking is big business. According to McKinsey, the sector generates $1 trillion in revenues each year and represents 40% of all global banking revenues.
Societe Generale is a global leader in the sector, providing a comprehensive and integrated range of services to address the operational and day-to-day transaction needs of its corporate and institutional clients.
In the face of a technology revolution reshaping customer expectations and the competitive landscape, Temenos agile technology platform will enable Societe Generale to deliver sophisticated corporate banking products and services with digital-first experiences to stay ahead of the curve.
Societe Generale 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 and differentiating global transaction banking services and drive growth.
Leveraging Temenos Transact’s rich corporate banking functionality, Societe Generale aims to bolster its products and services offering with additional ones, 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 next-generation 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.
Temenos cloud-native technology will enable Societe Generale to adopt a hybrid implementation with Temenos software in its datacenters 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, said: “Temenos is a proven solution that offers the functionality and agility to deliver a better banking experience to our customers with the scalability and performance to support future growth.
“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 optimize processing efficiencies and enhance service innovations for our transaction banking clients.”
Max Chuard, CEO, Temenos, added: “We are proud to partner with such a prestigious Tier 1 bank to accelerate their digital transformation. With Temenos’ cloud-native, API-first technology, the bank can innovate with speed, ease, and efficiency to meet the evolving needs of its global transaction banking clients. This strategic modernization will future-proof the bank’s technology infrastructure, allowing it to transition to the cloud at its own pace. To be selected by Societe Generale for this important project demonstrates our technology leadership and our shared vision to make banking better.”
Temenos’ architecture is open-API based. It allows data to flow across the functional business lines of a corporate bank from payments to cash management, enabling efficiencies and lower total cost of ownership from the consolidation of systems and new business models. Forrester has recognized Temenos’ investment and innovation, 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 the IDC MarketScape for Worldwide Integrated Payment Platforms and ranked #1 best-selling payments system in the IBS Intelligence Sales League Table for the past three years.