Bank to roll-out commercial finance technology across banking network
Societe Generale, one of the largest financial services groups in Europe, has partnered with HPD, the global leader in working capital finance solutions and invoice finance, to further implement its Aquarius operating platform for the bank’s international factoring activities.
Designed to encourage business growth by securing client/supplier relationships, the receivables finance solution simplifies and standardizes processes, increases efficiencies and minimizes risk for all counterparties. The solution provides a scalable end-to-end processing platform with multi product, location, language, currency and time-zone capabilities to facilitate automated cash allocation, real-time reporting and analysis, as well as workflow management.
Societe Generale has been working with HPD Software since 1993, rolling-out its solutions across the bank’s entities in France, Norway, Serbia, Bulgaria, Morocco, Russia, Germany, Cameroon, Ivory Coast and the Reunion Island with implementation currently underway in Romania.
Over the recent years, factoring has experienced steady growth and is playing an increasingly important role in short-term business finance. This growth is characterized not only by a steady increase in the volume of transferred receivables, but also by a diversification of the offering. With the technical support provided by HPD, Societe Generale has gained a strong global foothold in this industry which its plans to pursue by progressively rolling-out the platform to its international entities.
Eric Frachon, Global Head of Factoring and Supply Chain Finance at Societe Generale, commented: “Present in 66 countries, the timing is right to further develop our international factoring activities to support the short-term financing needs of our clients, who range from small businesses to major corporations. The bank has worked with HPD for many years and as our trusted technology partner we feel confident in the team’s ability to support and underpin this activity with its market leading Aquarius platform.”
Kevin Day, CEO at HPD, added: “We are proud of our long-standing and close relationship with Societe Generale. This agreement is the start of a new chapter in our relationship and we are very excited about Aquarius being the platform to support the bank’s ambitious plans.
“We look forward to our continued corporation with Société Générale, and helping the organisation to develop receivables finance globally.”
Notes to editors:
About HPD Software – helping business finance business
HPD Software helps banks and finance providers to deliver better working capital finance solutions, create a superior experience for their clients and grow their business anywhere in the world.
HPD Software’s experience and understanding of invoice discounting, factoring and asset based lending has driven the development of cost-effective, modular, software solutions that support multiple product, country, language, currency and time zone operations.
Banks and finance providers in more than 50 countries trust HPD Software’s invoice finance and data gathering solutions to manage over 50,000 clients.
Focused on creating advanced invoice discounting, factoring, asset based lending and data gathering solutions, HPD Software helps banks and finance providers deliver first class customer service more efficiently and manage risk more effectively.
The company helps organisations – of any size – to deliver branded, customised, working capital solutions that grow with their business and can be easily accessed by their clients via both desktop and mobile devices.
For more information on HPD Software please visit www.hpdsoftware.com or follow us on twitter @HPDSoftware.
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Societe Generale is one of the largest European financial services groups. Based on a diversified universal banking model, the Group combines financial solidity with a strategy of sustainable growth, and aims to be the reference for relationship banking, recognised on its markets, close to clients, chosen for the quality and commitment of its teams.
Societe Generale has been playing a vital role in the economy for 150 years. With more than 145,000 employees, based in 66 countries, we accompany 31 million clients throughout the world on a daily basis. Societe Generale’s teams offer advice and services to individual, corporate and institutional customers in three core businesses:
- Retail banking in France with the Societe Generale branch network, Credit du Nord and Boursorama, offering a comprehensive range of omnichannel financial services on the leading edge of digital innovation;
- International retail banking, insurance and financial services to corporates with a presence in developing economies and leading specialised businesses;
- Corporate and investment banking, private banking, asset management and securities services, with recognised expertise, top international rankings and integrated solutions.
Societe Generale is included in the main socially responsible investment indices: DJSI (World and Europe), FTSE4Good (Global and Europe), Euronext Vigeo (Europe, Eurozone and France), ESI Excellence (Europe) from Ethibel and 4 of the STOXX ESG Leaders indices.
For more information, you can follow us on twitter @societegenerale or visit our website www.societegenerale.com.
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