Societe Generale has selected HPS to improve the payment processing activities for ten African subsidiaries.

Societe Generale will use HPS’ PowerCARD software suite in a SAAS model covering the entire payment value chain and all international and domestic schemes. By migrating to HPS’ technology, Societe Generale said it will have a single integrated platform that covers the entire payment value chain allowing payments innovation to be accelerated and new products to be brought to market easily. This will also reduce transaction costs and mitigate operating risks.

The bank says this is essential in an era where customers are demanding quick, easy, digital and uninterrupted payments processing. These expectations are particularly noticeable in Africa.

Africa is a key market in Societe Generale’s growth strategy. Operating in 19 African countries, the bank has a unique position in the region of offering its clients the expertise and know-how of an international bank and the proximity of a local bank. In Africa, the bank supports local economies and serves 4.1 million customers, including 150,000 businesses.

The project will initially focus on the migration of Societe Generale’s electronic payment operations in Africa to HPS Platform for cards issuing, PoS and ATM acquiring activities.

Samir Khallouqui, managing director, HPS Processing, said: “Financial institutions and companies across the world are looking for end-to-end payment processing platforms that allow them to create new innovative payment services/products, especially in emerging markets, such as Africa, where the payments ecosystem is becoming more and more digitised. By selecting the HPS Processing Platform, Societe Generale will be able to offer innovative payment services to their customers, and we’re delighted to be supporting them on this journey.”

Nicolas Revol, head of payment solutions for international retail banking, at Societe Generale said: “Keeping up with the digital payments revolution is one of the biggest challenges facing financial institutions today, especially in Africa

“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.”