Societe Generale taps Lemonway for B2B marketplace payment services

French banking giant Societe Generale has partnered up with paytech firm Lemonway to offer payment services for large European corporates entering the B2B marketplace arena.

Lemonway provides a platform designed to simplify payments for product, service and financial marketplaces, enabling third-party payment processing, e-wallet management, customer verification and payment account opening, reconciliation of flows for beneficiaries and performance monitoring.

It is authorised and regulated by the ACPR (Autorité de contrôle prudentiel et de resolution) with offices in Paris, London, Madrid, Milan and Hamburg.

The two firms say more large corporates are looking to launch B2B marketplaces as part of their digital transformation efforts and to boost B2B revenue growth.

As such, the pair have partnered up to enable businesses looking to tap into the growing market to securely manage the complex transaction flows required in compliance with regulatory standards.

The companies say the “technical implementation of the partnership” will soon go live in France, Germany, Italy, Spain, Belgium, the Netherlands, the UK and Switzerland.

Alexandre Maymat, head of global transaction and payment services at Societe Generale, says the collaboration “enables us to support our clients in their digital transformation” and illustrates the firm’s “long-standing cooperative approach with fintech companies” to provide new solutions.

Late last year, the bank acquired a majority stake in London-based PayXpert, a fintech firm offering specialised payment services for online and retail merchants.