Société Générale has teamed up with the fintech Trustpair to help French mid-caps and major groups to prevent and detect wire transfer fraud that has increased with the Covid-19 crisis.
The Société Générale x Trustpair partnership
The health crisis linked to COVID-19 led businesses to suddenly change their operations and adapt their working habits. Checking procedures have been weakened, leading to an increase in the risk of fraud. Thus, in 2021, the fight against wire transfer fraud is a major issue for 86% of financial departments.
In response to this reality, Société Générale has joined forces with the fintech Trustpair, which specialises in checking payment data and detecting wire transfer fraud. The aim of this partnership is to offer financial departments a solution for automatically check third-party bank details in France and abroad, and thus avoid any fraud or error. By being integrated within the clients’ IT environment, this solution allows them to master third-party data throughout the Procure-to-Pay processes.
“With the increasing threat of fraud, a single check mistake can be very costly to a company. We are here to relieve them of time-consuming and fallible manual check processes by providing them a digital solution that perfectly meets their needs.” Baptiste Collot, CEO at Trustpair
“After a successful pilot year, this partnership confirms our willingness to support our clients in relaunching their business in complete security, through a reliable and efficient solution that can be easily integrated within the company’s processes”, states Christian Gnanou, Director of Offers and Fight against Payment Fraud at Société Générale.
Trustpair – Agathe CHABERT – +33 6 42 76 34 42 – [email protected]
Société Générale – Bernard GAUDIN – +33 1 42 13 15 98 – [email protected]
Société Générale retail banking in France
Société Générale network offers solutions adapted to the needs of its individual, professional, association and corporate clients who place their trust in it, based on three major assets:
- More than 20,000 employees and 1,793 branches, mainly located in urban areas where a large part of the national wealth is concentrated;
- A complete and diversified range of products and services, from savings to asset management, including business financing and payment instruments;
- A complete and innovative omnichannel system: internet, mobile, telephone and branch.
By adopting a customer centric approach, Société Générale was voted Customer Service of the Year 2020 (organised by Viséo Customer Insights), and is deploying an offer adapted to its customers’ new needs. The company has made innovation one of its development priorities: Société Générale network has around 4 million mobile customers. The success of the website and mobile app is reflected in the growing volume of connections, reaching over one billion per year. It has opened the first account on Twitter dedicated to banking relations that guarantees a response in less than 30 minutes.
Created in 2017, Trustpair is the market’s go-to solution for wire transfer fraud detection.
Trustpair helps companies secure their payments process by automatically verifying their suppliers’ bank details. With Trustpair, more than 150 financial team already use its risk assessment technology to:
- Automatically check suppliers’ IBAN
- Analyze their Vendor Master File in real time
- Secure all bank transfers