French banking major Societe Generale (SocGen) has partnered with Hightech Payment Systems (HPS) to enhance payment processing activities for ten African subsidiaries.
As a part of the collaboration, HPS will deliver its PowerCARD software suite in a SAAS model encompassing the overall payment value chain.
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The software, which utilises modern and flexible architecture, will enable SocGen to use a single platform to cover the entire value chain and introduce electronic payment products swiftly.
Additionally, it will support innovation and reduce associated operating risks and transaction costs.
The collaboration is expected to support the growing need among African customers for quick and easy payments processing service.
Societe Generale head of payment solutions for international retail banking Nicolas Revol said: “Keeping up with the digital payments revolution is one of the biggest challenges facing financial institutions today, especially in Africa.
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By GlobalData“In particular, it aims to converge the banking universe with the mobile operators’ one with the objective of making transactions faster or even instantly.
“HPS has been involved in implementing many pan-African payment hub platforms. Their expertise on payment solutions and their African footprint will be essential to support Societe Generale in its innovation and growth dynamics in Africa.”
Initially, SocGen’s African electronic payment operations will be transferred to the HPS Platform. The services include cards issuing, ATM and PoS acquiring activities.
In Africa, SocGen is said to serve around 4.1 million customers including 150,000 businesses.
