SocGen taps FIS’ derivatives clearing and settlement platform

Rick Steves

“As derivatives clearing firms seek ways to limit risks while reducing operational costs, they are embracing the transformational change of their ecosystem and operating model.”

Societe Generale, also known as SocGen, has extended its partnership with FIS in order to transition its existing derivatives clearing and settlement IT environment to FIS Cleared Derivatives Suite.

The French investment bank and financial services group will thus gain access to the high-performing and modernized technology platform that handles trade clearing and settlement services.

The platform will be seamlessly integrated with the existing SocGen infrastructure and cover end to end post-trade derivatives processing requirements.

A core part of SocGen’s Prime Services business franchise

Christophe Lattuada, Chief Operating Officer of Global Banking & Investor Solutions (GBIS) at Societe Generale, said: “The listed derivatives clearing business is a core part of our Prime Services business franchise at Societe Generale. We are recognized by our customers, and the industry, as a market leader in this space. Our decision to select FIS to provide our next generation post-trade clearing technology, represents a significant investment, with a trusted partner, to support the long term growth of this business.”

Nasser Khodri, Head of Capital Markets at FIS, commented: “As derivatives clearing firms seek ways to limit risks while reducing operational costs, they are embracing the transformational change of their ecosystem and operating model. We’re delighted that a key player in the market such as Societe Generale chose FIS to achieve this journey and strengthen our long-standing relationship.”

FIS launched embedded finance offering

FIS has recently launched a new embedded finance offering to address the needs of community and regional banks as they look to offer the most advanced digital capabilities and open new channels for distribution.

Developed in partnership with Treasury Prime, the API-based offering provides FIS’ banking clients and the businesses they serve with new ways to manage deposits, accounts payables and other critical banking processes digitally and remotely.

Embedded finance is a key industry trend that makes it possible for any company to add financial services capabilities such as banking, credit, payments, insurance and investments via API.

This makes it easier for small and mid-size financial institutions to offer enhanced digital banking services to their customers and help financial institutions create new revenue streams by expanding their client base outside their traditionally local footprint.

FIS opens door to crypto

In April, FIS and Fireblocks have teamed up to accelerate crypto adoption within the capital markets industry by enabling firms of all types to access the largest crypto trading venues, liquidity providers, lending desks, and decentralized finance (DeFi) applications.

Clients will be able to leverage the Fireblocks platform in order to move, store and issue digital assets, and gain access to self-custody digital asset wallet technology, an asset transfer network and tools to access staking, DeFi and other more advanced forms of digital asset exposure.

The partnership comes as FIS expands its portfolio of crypto and digital asset offerings for clients across multiple markets, including card-to-crypto and other money movement services for 4 of the top 5 cryptocurrency exchanges. The company recently announced new crypto regulation capabilities.

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