Societe Generale has launched its first accelerator programme aimed at supporting payments and transaction banking startups.
The French banking group said the programme would focus on startups linked to trade finance, cash management, factoring, cash clearing and correspondent banking activities.
SocGen, which has previously partnered with a number of FinTech 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), the bank said it would aim to repeat the success of four previous Global Markets Incubator initiatives that have enabled startups to develop in partnership with Societe Generale.
SocGen said the accelerator is available for entrepreneurs looking for an opportunity to turn their 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 and other challenges.
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 said: “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.”
Candidates have until 31 May 2022 to apply on SocGen’s accelerator website.
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.
Claire Calmejane, chief innovation officer for Societe Generale Group added: “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.”
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