Societe Generale has announced a strategic partnership with cloud-based IT solutions provider Kyriba, to roll out a new treasury management solution.
According to the announcement, the new service will offer fraud management functionality and payment automation for the bank’s corporate clients.
Also, the solution will be fully hosted in the cloud and distributed by Societe Generale while based on Kyriba’s global platform.
The partnership will help to meet the changing needs of clients
Head of Global Transaction and Payment Services at Societe Generale, Alexandre Maymat, commented on the partnership. He recognized treasury management as one of the major areas of interest for organizations. He added that it was important to make the area easier through secure, efficient, and simple tools.
Maymat added that the partnership was necessary due to Kyriba’s adaptable and robust solutions, which will merge with Societe Generale’s open architecture.
Co-Head Banking Solutions for Kyriba, Edi Poloniato, has also commented on the development. According to him, companies are now more required to control and secure payments due to the impact of the recent crisis. It has given companies the mandate to manage liquidity as closely as possible.
Additionally, he said the main goal is to manage cash and liquidity in a unique way that is more competitive, more scalable, and more resilient.
Improving the scalability of treasury management
The collaboration will also bring other things into play, allowing both firms to easily adapt and meet the ever-changing needs of clients, he reiterated.
The announcement also stated that the new system will facilitate the company’s plan to make treasury management scalable via Kyriba’s cloud-based solution.
Societe Generale also plans to roll out the solution in France before the end of the year.
In November last year, the bank announced that it was cutting down its workforce by 650 in France, mainly in the investment banking division. Additionally, it also announced that there will be a major reshuffle in its management last August.
The capability of the new solution
Apart from the major features like payment automation functionalities and fraud management, the new solution will also include other features.
The announcement noted that the solution will include ERP and multi-bank connectivity, which will be available on SG Markets, the company’s digital client platform for corporate clients.
Societe Generale and Kyriba say they will be providing functionalities that include provisional management of liquidity flows and real-time monitoring of treasury positions.
The new solution will also include payment validation workflow management as well as enhanced fraud management.
