France-based Societe Generale has partnered with pan-European payment institution Lemonway to support large corporates lunching B2B marketplaces. The partnership comes in the context of large corporates ramping up their digital transformation efforts, which is an important factor when it comes to B2B revenue growth.

In an effort to create value, improve the payment experience, support internationalisation, and improve the commercialisation and distribution processes of the ecommerce chain, companies are launching B2B marketplaces. In order to support their clients in their digital transformation journeys, Societe Generale has tapped Lemonway, a company that offers modular and end-to-end solutions for B2B marketplaces. The platform comprises payment and other strategic services such as customer verification and payment account opening, reconciliation of flows for beneficiaries, as well as performance monitoring.

These features can help B2B marketplace operators to manage transaction flows while remaining compliant with regulatory standards. Through this partnership, Societe General will also be able to leverage Lemonway’s expertise when it comes to managing third-party payments services. The technical side of the partnership is expected to go live in countries such as France, Germany, Italy, Spain, Belgium, Netherlands, the United Kingdom, and Switzerland.

In the company press release, Societe Generale officials highlighted the company’s long-standing efforts to provide its clients with access to innovative solutions by cooperating with fintech companies. Societe Generale’s acquisition of PayXpert In October 2022, Societe Generale signed an agreement to acquire a majority stake in the fintech PayXpert, allowing the bank to broaden its offering for retail and online merchants. PayXpert is a fintech that specialises in payment services.

The company offers retail and online merchants secure solutions for accepting customer payments both in-store and remotely, and for payment methods such as cards, mobile applications, and QR codes. The fintech has partnerships for processing payments across national and local networks, including Visa, Mastercard, Cartes Bancaires, WeChat Pay, and Alipay. With this transaction, Societe Generale aimed to offer a more comprehensive and innovative service on the market by developing its omnichannel commerce solutions in Europe.

Together, Societe Generale and PayXpert would contribute to developing retail and online merchants’ business by offering them differentiating and value-added services encompassing payments and complementary services such as financing and insurance solutions. Through this partnership, PayXpert was able to draw on Societe Generale’s networks and subsidiaries in France and across Europe in order to pursue its geographic expansion to serve more merchants with a broader range of integrated services. In essence, Societe Generale’s support allowed PayXpert to accelerate its technological and commercial developments.

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