Banque de France has chosen Sopra Banking Software to overhaul its retail payments processing activity.

The bank selected the software after a public consultation at the end of 2015 and an ‘extensive functional and technical benchmark’ conducted early this year.

The overhaul will be carried out in conjunction with Diamis’ interbank exchange platform.

 The technology vendor said that its solutions will allow the bank to improve capacity, agility, and efficiency, as well as will offer simpler functionalities.

Sopra Banking Software head of the payments and cards business line Bernard Rame said: "With mounting pressure from European Directives, the banking sector has started to significantly transform its retail payments processing activity.

“We need to drastically reduce costs, whilst creating new services and ramping up security. This transformation is underpinned by resource pooling, a software-approach and creation of new services. Sopra Banking Software’s offer is perfectly aligned with these changes.”

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The bank’s retail payments activity, for exchange and clearing, is pooled with la Caisse des Depots et Consignation within the “Victoires Paiements” Economic Interest Group.