Treasury Management Internation Logo

Societe Generale strengthens its partnership with SWIFT

Published 

Societe Generale today announced that its Global Transaction Banking arm (GTB) has selected SWIFT and its SWIFTNet network to send its domestic payments to STET, the payment infrastructure which processes French and Belgian retail transactions, and which has a 51.8% share of the euro payment market.

In addition, after acting as a pilot for the tool, SOCIETE GENERALE has signed the SWIFT KYC Registry contract, strengthening its relationship with SWIFT. SWIFT’s KYC Registry allows data sharing, enabling users to address the requirements of Know Your Customer (KYC) compliance, the due diligence activities that financial institutions must perform on their counterparts in order to do business with them.

SWIFT’s KYC Registry uses a standardised dataset and provides a secure way of sharing KYC information globally, therefore helping users reduce the cost, effort and risk related to KYC compliance. It has the potential to connect the 7000+ member banks involved in correspondent banking, providing a single point of reference for KYC information. At the same time, it enables banks to maintain the ownership of and the responsibility for their data. Already, the KYC Registry includes almost 1500 financial institutions in 176 countries. This represents a significant base that will improve the compliance process, making it easier and less costly for participants.

The KYC Registry has been developed in recognition of the fact that KYC requirements will be increasingly stringent, requiring more and more resources and time, so there is a clear need for a standardised, collaborative tool in this non-competitive area to create cost efficiency.

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