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Societe Generale Taps Temenos To Modernize Corporate Banking

Societe Generale Taps Temenos To Modernize Corporate Banking

June 16, 2021 at 11:27PM
by PYMNTS

Societe Generale has tapped banking software firm Temenos to update the account management and payment infrastructures for its global transaction banking operations in Asia and Europe, according to a Wednesday (June 16) announcement.

The bank will have the Temenos cloud-native banking system take the place of currency legacy infrastructures in 13 nations throughout Asia and Europe as part of a “strategic transformation” roadmap.

Societe Generale is a top company in the global transaction banking space, and it offers an in-depth and connected array of offerings to handle the operational and everyday transaction requirements of clients that are businesses and institutions, according to the announcement.

“With Temenos’ cloud-native, [application programming interface] API-first technology, the bank can innovate with speed, ease, and efficiency to meet the evolving needs of its global transaction banking clients,” Temenos CEO Max Chuard said in the announcement.

Temenos’ structure is “open-API based,” and it allows information to move through “the functional business lines of a corporate bank from payments to cash management,” according to the announcement.

“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,” said Philippe Morère, global chief information officer (CIO) and deputy chief operating officer (COO), Societe Generale Global Business and Investor Solutions.

The news comes as Temenos and Canadian Western Bank (CWB) have created an Explainable AI-driven (XAI) product called Temenos Virtual COO. To that end, Temenos has launched the product globally.

“We’re innovating with Temenos to not only create something special, but to evolve with SME [small to medium enterprise] owners along their growth journey. It’s about understanding the human behind the business,” Jeff Wright, senior vice president, Equipment, Digital and Client Solutions, Canadian Western Bank, said in an announcement in early June.

Temenos Virtual COO has been built on the Temenos Infinity digital banking infrastructure, while it uses Temenos Analytics as well as its API-first “cloud-native technology.”