Treasury Management Internation Logo

Societe Generale Simplifies Treasury Management With a New Virtual Accounts Offer

Published 

The new virtual accounts offer from Societe Generale provides European corporate clients with an unlimited amount of virtual account numbers (vIBAN), all related to the same real bank account that holds the company’s liquidity. Coupled with a tailor-made reporting system, it allows real time reporting on the liquidity, both aggregated and analytical.

Through the customisable allocation of vIBANs among their own clients and providers (individual, grouped, geographical, etc), corporates can benefit from a comprehensive overview of every incoming and outgoing payment, suited to their own monitoring needs. The solution allows for:

  • automated reconciliation of incoming payments and invoices, making reporting, monitoring and the sending of reminders easier.
  • account structure rationalisation to reduce the constraints of administering numerous real bank accounts.

EDF was Societe Generale’s first corporate client to implement the virtual accounts solution, customised to meet the specific needs of the organisation. Jérémy Roublique, Head of Payment Solutions for EDF said: “When the project was launched, we had not fully anticipated the offer would give us this degree of possibility to optimise our internal processes. The solution, built collaboratively with Societe Generale, enables the implementation of dedicated reports on operations that require reinforced daily monitoring. This service is fully in line with the process undertaken within the EDF Group of industrialising our cashflow processes and reducing the number of real bank accounts.”

Nicolas Cailly, Deputy Head of Payments & Cash Management for Societe Generale added: “This offer is fully in line with our strategy to support our corporate clients with tailor-made, added-value solutions. Virtual accounts have a strong potential to simplify liquidity management and optimisation, thanks to operational gains on bank account administration and the possibility to optimise Days of Sales Outstanding through the native reconciliation of payment flows.”

Most recent episodes

HSBC’s Sibos Spotlight: Investing in the Future – from Diversity to Green Deposits

In the final instalment of HSBC’s Sibos Spotlight, Eleanor Hill (TMI) invites Nadine Lagarmitte and Suraj Kalati (HSBC) to consider how corporates’ attitudes to...

25:12

HSBC’s Sibos Spotlight: The ESG Landscape – what every treasurer needs to know

In the third edition of HSBC’s Sibos Spotlight Podcast series, TMI’s Eleanor Hill invites Farnam Bidgoli (HSBC) to provide an in-depth overview of the current ESG...

16:24

The Path to Transformational Global Cash Visibility

Davina Bradley (CEVA Logistics) and Conor Deegan (CashAnalytics) join TMI’s Eleanor Hill to explore how treasurers can transform their cash visibility and forecasting within their business in a matter of weeks using a...

33:16

HSBC’s Sibos Spotlight: Embedding ESG in Trade and Supply Chains

In the second podcast from HSBC’s Sibos Spotlight series, TMI’s Eleanor Hill speaks to Surath Sengupta (HSBC) about embedding ESG into trade and supply chains....

20:58

Lost in Transaction: Overcoming Payments Pitfalls

From simple errors to duplicates, fraud and sanctions violations, there are a number of areas where payments can go wrong – especially in the real-time environment. In this podcast, TMI speaks to Andrew Ferrao...

34:25

HSBC's Sibos Spotlight: Central Bank Digital Currencies

The first edition of HSBC’s Sibos Spotlight series sees TMI’s Eleanor Hill joined by Mark Williamson and James Pomeroy (HSBC) to discuss the hot topic of Central Bank Digital Currencies (CBDCs). Our guests discuss...

25:48

Payments Vision 2025: The Inside Track

Wim Grosemans, Steven Lenaerts (BNP Paribas) and Wim Raymaekers (SWIFT) join TMI’s Eleanor Hill to outline their vision for the payments landscape in 2025. Our guests consider how recent developments such as instant...

28:21

Stepping Out from the Shadows

“Treasurers needs to step out of the shadows and into the sunshine in terms of their strategic contribution.” claims Zitah McMillan, Co-Founder and CEO, Predictive Black. In this podcast, hosted by TMI’s Eleanor Hill, our guest declares that the...

16:54

Why the ‘One Size Fits All’ Approach is Outdated - A Cash Segmentation Treasury Masterclass

With the ongoing low interest-rate environment and increasing regulatory change, it’s more important than ever for treasurers...

23:55

Instant Payments: Instant Rewards

TMI’s Eleanor Hill sits down in the virtual TreasuryCast studio with J.P. Morgan’s Global Head of Real-Time Payments, Cyrus Bhathawalla, to discuss how treasurers can capitalise on the evolving nature of real-time payments. Our guest contemplates the elements...

23:55