Societe Generale, a leading financial services provider based in France, recently announced that it has formed a partnership with Kyriba, a cloud-based finance and IT solutions provider, to launch a new treasury management solution including payment automation and fraud management functionalities.
According to an official announcement, the new solution aims to facilitate Societe Generale’s corporate clients and their subsidiaries. The French banking giant is planning to make treasury management smooth and easier through the cloud-based solution.
Societe Generale mentioned that the solution will be launched in the French market during the last quarter of 2021. The bank highlighted different functionalities in the upcoming solution including payment automation, fraud management and real-time monitoring of treasury positions.
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Commenting on the latest announcement, Alexandre Maymat, Head of Global Transaction and Payment Services at Societe Generale, said: “Treasury management is a key area of focus for companies, and we believe it is essential to make this easier through simple, efficient and secure tools. This is even more important as we exit the current crisis and, depending on their size, some companies are poorly equipped in this area. With our open architecture model allowing us to offer our clients the best solutions on the market, it seemed natural to partner with Kyriba, whose solutions are known for their robustness and adaptability.”
In November 2020, Societe Generale announced its plan to cut 650 jobs in France, primarily in the investment banking division. Moreover, the bank announced major changes in its management during August 2020.
In addition to the fraud management and payment automation functionalities, the upcoming solution will include multi-bank connectivity and ERP. It will be available on SG Markets, Societe Generale’s digital client portal for corporates. “We are very proud to join this strategic partnership with Societe Generale. The recent crisis has underlined the need for companies to manage liquidity as closely as possible and to control and secure their payments. We believe this joint solution will improve the way they leverage their cash and liquidity and become more resilient, more scalable and more competitive,” Edi Poloniato, Co-Head Banking Solutions for Kyriba, said.