Transactis, a joint venture (JV) between Société Générale and La Banque Postale, in collaboration with Sopra Banking Software has launched the first electronic money platform in France.
In a bid to deal with rising cost and market competition, the new platform handles the electronic money back office using Sopra Banking Cards-Issuer.
Currently operational, the multi-bank, multi-currency and multi-country electronic money platform enables Transactis to reduce the time to market of new card products and help launch services following the example of mobile payments and Instant Issuing.
Sopra Banking Software CEO Jean-Paul Bourbon said, "The deployment’s success relies on a strategic partnership between Transactis and Sopra Banking Software, which has resulted in close collaboration between the teams from the two companies."
Directly linked to worldwide network platforms, the electronic money factory is able to process the high data volumes that result from the pooling of two banks’ card data, and halves Transactis’ transaction costs.
Set up in 2008 to pool their founding partners’ electronic money activities, Transactis had managed 26 million cards for both companies including all savings cards for La Banque Postale and processed 2.15 billion transactions in 2012.
Sopra Banking Software operates as a subsidiary of Sopra Group, which employs over 14,000 staff and generated a pro forma turnover of €1.2bn in 2012.