Societe Generale (GLE.PA) recently introduced its first acceleration program that’s dedicated to startups linked to Trade Finance, Cash Management, Factoring, and Cash Clearing & Correspondent Banking activities.
The Group, a partner of many startups, is launching “a new call for projects to improve the customer experience in the transaction banking sector, by increasing the performance and productivity of its activities.”
With the new “Payment & Transaction Banking Accelerator” (P&T BAX), Societe Generale aims “to repeat the successful experience of the previous four Global Markets Incubator initiatives that have enabled startups to emerge and develop in partnership with Societe Generale.”
The P&T BAX program is “a unique opportunity for entrepreneurs to convert innovative ideas into market-ready solutions and to gain valuable exposure to the industry.”
The proposed solutions may be “related to data, client communication interfaces, CSR, the fight against fraud, amongst other topics.”
The selected startups will “have access to Societe Generale’s expertise, with the opportunity to present their solutions and services to real-life business environments.”
Alexandre Maymat, Head of Global Transaction & Payment Services at Societe Generale, stated:
“In a constantly changing environment, Societe Generale’s payment & transaction banking activities are accelerating their digital transformation thanks to their ability to collaborate with startups. By combining our respective expertise and cultures, we are resolutely accompanying our customers into the world of tomorrow.”
Claire Calmejane, Chief Innovation Officer for Societe Generale Group, remarked:
“Being innovative and pioneering is part of Societe Generale’s DNA. With the ‘Payments & Transaction Banking Accelerator’, we are taking a strong role in supporting the startup ecosystem and in transforming transaction banking activities.”
Candidates can apply until 31 May 2022 “on ptb-accelerator.societegenerale.com.”
The selection process will “commence in June, with the list of selected startups announced on 19 July 2022.”
The six-month incubation period “will start from September 2022.”
As covered last month, Surecomp, which claims to be a market leader in international trade finance solutions for banking institutions and corporations, had confirmed that Societe Generale has now gone live with the latest version of its IMEX solution for back-office trade finance processing automation across four nations in Asia.