Societe Generale Introduces Payment & Transaction Banking Accelerator

Societe Generale, a French multinational investment bank and one of the leading financial services companies in the region, has recently launched a new acceleration program for emerging companies to improve the customer experience in the transaction banking sector.

Dubbed ‘Payment & Transaction Banking Accelerator' (P&T BAX), the program will facilitate startups linked to Trade Finance, Cash Management, Factoring and Cash Clearing & Correspondent Banking activities.

Societe Generale noted that the newly launched program will assist entrepreneurs through a wide range of resources. Selected startups will be able to take advantage of Societe Generale’s broad network to turn their ideas into real-life solutions.

“In a constantly changing environment, Societe Generale's payment & transaction banking activities are accelerating their digital transformation thanks to their ability to collaborate with startups. By combining our respective expertise and cultures, we are resolutely accompanying our customers into the world of tomorrow,” said Alexandre Maymat, the Head of Global Transaction & Payment Services at Societe Generale.

In June last year, Societe Generale collaborated with Kyriba, a cloud-based finance and IT solutions provider, for the launch of a new treasury management solution.

Acceleration Program

Societe Generale highlighted that interested entrepreneurs can apply until 31 May 2022 for the program. In June, the selection process will be started. According to Societe Generale, the six-month incubation period will start in September 2022.

“Being innovative and pioneering is part of Societe Generale’s DNA. With the ‘Payments & Transaction Banking Accelerator’, we are taking a strong role in supporting the startup ecosystem and in transforming transaction banking activities,” commented Claire Calmejane, the Chief Innovation Officer for Societe Generale Group.

Amid the growing adoption of technology-driven solutions across the global banking sector, several leading banks around the world have launched incubation and acceleration programs to support the use of digital tools in payments and transaction banking.