Societe Generale will use the FIS Payments-as-a-Service (PaaS) solution to serve its corporate clients in Europe, except for France, through the Single Euro Payments Area instant credit transfer scheme (SCT Inst).
FIS PaaS enables financial institutions to connect to the SCT Inst real-time payments scheme with limited upfront investments.
An initiative of the European Payments Council, the SCT Inst scheme is designed to make payments faster and more convenient for businesses and consumers across Europe.
The FIS PaaS solution meets the requirements of the ISO 20022 international payments standard related to all aspects of real-time payments processing, including reconciliation, settlement, anti-money laundry screen and other regulatory requirements.
The solution also supports a growing range of payment schemes covering batch and real-time payments such as clearinghouse automated payment system and faster payments system as well as SCT Inst.
Nicolas Cailly, head of payments and cash management solutions at Societe Generale, said: “Our corporate clients are hungry for the speed, flexibility and improved liquidity enabled by real-time payments.”
He added: “The FIS PaaS solution provided a proven, cost-effective platform for us to move to real-time payments and provide the benefits of the SCT Inst scheme to our clients across Europe.”
Bruce Lowthers, president, banking solutions at FIS, commented: “More financial institutions around the world are looking to take advantage of real-time payments for their customers.”
He added: “By choosing a managed solution from FIS, leading organisations like Societe Generale can move more quickly to the future of payments, benefitting their customers and their own competitive edge.”
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