Software company Temenos has won a major contract with Société Générale to upgrade the bank’s systems.
Swiss-based banking software company Temenos has been selected by French bank Société Générale to modernize the account management and payment systems for its global transaction banking activities in Europe and Asia, Temenos said Wednesday.
SocGen Global Leader
Temenos quoted McKinsey as saying global transaction banking generates $1 trillion in revenues each year and represents 40 percent of all global banking revenues. It added that SocGen is a global leader in the sector.
Legacy Systems Replaced
SocGen would replace existing legacy systems with Temenos’ cloud-native banking platform in 13 countries across Europe and Asia as part of a strategic transformation plan, Temenos said in the press release.
It added that SocGen aimed to bolster its products and services range, seeking both to meet the needs of its clients better and support a segment identified as a key growth area.
