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Societe Generale selects FIS’ PaaS for instant payments in Europe

Societe Generale

Nicolas Cailly, Head of Payments & Cash Management Solutions at Societe Generale

Societe Generale (SocGen) has selected FIS’ Payments-as-a-Service (PaaS) solution in a bid to offer real-time payments for its corporate clients across nine European countries. SocGen aims to leverage the SEPA Instant Credit Transfer (SCT Inst) for the provision of transparent payments for its corporate clients.

Nicolas Cailly, Head of Payments & Cash Management Solutions at Societe Generale said, “The FIS Payments-as-a-Service 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.”

According to the supplier, FIS‘ PaaS allows financial institutions to connect to SCT Inst scheme with limited investments. It meets the requirements of the ISO20022 international payments in relation to real-time payments processing, reconciliation, settlement, AML, and other regulatory requirements. PaaS solution also supports certain payment schemes including SEPA Instant Credit Transfer (SCT Inst), Clearing House Automated Payment System (CHAPS) and Faster Payments Scheme (FPS).

“More financial institutions around the world are looking to take advantage of real-time payments for their customers,” said Bruce Lowthers, President, Banking Solutions at FIS. “By choosing a managed solution from FIS, leading organizations like Societe Generale can move more quickly to the future of payments, benefitting their customers and their own competitive edge.”

SocGen will utilize the FIS PaaS solution for serving its clients across Europe, except for France, through the SCT Inst Scheme.

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