Temenos to Accelerate the Modernization of Top Global Bank Societe Generale's Transaction Banking Platform in Europe and Asia
PR90116
GENEVA, June 16, 2021 /PRNewswire=KYODO JBN/ --
-- Temenos will provide Societe Generale Payment and Cash management
activities with a unified, cloud-native platform for account management in
Europe and Asia, and payment services for corporate and financial institution
customers in Asia
-- Next-generation platform enables Societe Generale to innovate fast and
deliver differentiating services to meet the evolving needs of its global
corporate customers
-- With Temenos, Societe Generale will adopt ISO 20022 for payments messaging
and comply with international payment schemes across multiple jurisdictions
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.
About Temenos
Temenos AG (SIX: TEMN) is the world's leader in banking software. Over 3,000
banks across the globe, including 41 of the top 50 banks, rely on Temenos to
process both the daily transactions and client interactions of more than 1.2
billion banking customers. Temenos offers cloud-native, cloud-agnostic and
AI-driven front office, core banking, payments and fund administration software
enabling banks to deliver frictionless, omnichannel customer experiences and
gain operational excellence.
Temenos software is proven to enable its top-performing clients to achieve
cost-income ratios of 26.8% half the industry average and returns on equity of
29%, three times the industry average. These clients also invest 51% of their
IT budget on growth and innovation versus maintenance, which is double the
industry average, proving the banks' IT investment is adding tangible value to
their business.
For more information, please visit www.temenos.com.
SOURCE: Temenos
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