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Société Générale launches instant payments for corporates

25/06/2019

Société Générale has become one of the first banks in France to offer instant payments to all its corporate clients.

Société Générale corporate customers can now issue and receive instant payments *. Clients can now utilise their banking application “Sogecash Net” through their internet banking channel (availability via mobile channels will be forthcoming) and simply choose the recipient of the transfer and the amount and the transfer will be made instantly. The transaction is completed in less than 10 seconds. As soon as they receive the notification, the beneficiary is credited and can immediately use the amount transferred. This service, available 24 hours a day, 7 days a week, is offered as an option, at a cost of € 0.60 per transaction.

Instant payment simplifies the transfer of money for corporates, in many situations. It allows for immediate payment of a supplier for delivery against merchandise, to instantly correct a wrong payment or even to repay a customer directly upon return of their purchase.

“After the success of instant payment with individuals, we are proud to be among the first banks in France to offer this innovative service to businesses. The immediacy and irrevocability of the payment allows businesses to streamline relations with both their suppliers and their customers”, explains Houria Chaiblaine, Director of the Corporate Market.

* The amount of the transfer is capped at 15 000 € per transaction.

Author: Lauren Jones