Societe Generale has made instant payments available to its bank, payment and electronic money institution clients through an offering developed with Transactis. The bank has previously enabled instant payments for its retail clients from January 2019 and then from June 2019 for corporates. The new innovation for bank, payment and electronic money institution clients is designed for financial institutions whose technical infrastructures does not allow them to make instant payment available to their own users.
The bank, supported by Transactis, a joint-venture by Societe Generale and La Banque Postale, has developed an application programming interface (API) 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 hours a day, 365 days a year. For clients eager to make instant payments 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.
"Societe Generale is one of the very first banks to create a dedicated offering making instant payment available for those financial institutions," commented Jean-François Mazure, head of Cash Clearing Services at Societe Generale. "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."
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 financial institutions for more than 10 years.
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