Societe Generale offers instant payment to financial institutions
After having been a pioneer in the instant payment* market in France, with the opening of the issue offer in January 2019 to its retail, professional and corporate customers, Societe Generale is now extending its offer to bank, payment and electronic money customers.
Through an efficient and secure API** based on ISO standards, Société Générale and its sub-participating client exchange in real time to send and receive instant transfers in less than 10 seconds, 24/7/365. This new acquisition channel, particularly adapted to the requirements of instant transfer, was developed in collaboration with Transactis***.
The specificity of the Société Générale API lies in its ability to be integrated at different levels of the banking process and the client's information system. Thanks to this flexibility, the customer can have a simple and quick solution to use without having to invest in a real-time payment factory at home. It thus benefits from Société Générale's secure, resilient, monitored, 24/7/365 and scalable infrastructures.
This unique flexibility offered by the Société Générale API makes innovation accessible to institutions of all sizes, wishing to offer their customers this new value-added service from the first months of 2020.
All instant transfers sent and received via the API channel are processed by the Group's instant payment platform. Since the launch of instant transfer, Societe Generale Group has already processed more than 6 million instant transfers (more than 25% of the market), thus acquiring recognised expertise and reliability on the market.
* Instant SEPA Credit Transfer: also known as Instant Payment.
** API: Application Programming Interface
*** Transactis is a joint venture founded in 2008 by Société Générale and La Banque Postale, it is an expert in the fields of electronic payment systems and SEPA and international payment flows. Transactis manages real-time and high-volume payment systems. (www.transactis.fr).