Société Générale and La Banque Postale have today just signed a memorandum of understanding to expand the operations of their joint venture Transactis, from card transactions to European and international wire transfers and direct debits.
Since the successful payment card processing partnership that enabled the banks to achieve significant savings in unit-transaction handling costs between 2008 and 2015, and the inclusion of Crédit du Nord in their shared system, Transactis handles 22% of payment cards and card transactions in France.
The two banks have now decided to layer a new industry partnership on top of this existing operational framework, providing Transactis with a shared platform to manage the electronic processing of all their wire transfer and direct debit transactions.
They have chosen to work with Sopra Banking Software, a leading developer of payment applications in Europe and a longstanding partner of both Société Générale and La Banque Postale, using its enterprise software solution Sopra Banking Platform for Payments.
This new and innovative partnership – the first of its kind in Europe – will combine the know-how of two banks and one software developer, to meet three objectives:
- Build a high-performance, innovative, shared IT management platform to address new needs on the market such as instant payments and mobile banking
- Pool transaction costs for all payments from 2018 based on a model similar to that of card transactions
- Offer the platform’s services on the European market and make Transactis a leader in electronic payment processing services for the continent’s financial industry