Payment marketplace alliances are the future for banks
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Payment marketplace alliances are the future for banks

The big transaction banks are becoming increasingly active in the B2B marketplace as they seek to cash in on corporate digital transformation.

Illustration: iStock

Successful B2B companies are increasingly facilitating a greater share of their sales efforts through third parties and owned marketplaces. McKinsey’s most recent global B2B Pulse survey provides evidence for this, finding that the adoption of company-owned marketplaces increased 8% last year, while 40% of the biggest share winners are selling their products online through a third-party marketplace, compared with 27% of share losers.

Earlier this month, Societe Generale signed a commercial partnership with pan-European payment institution Lemonway to deliver payment services to large corporates in western Europe, launching B2B marketplaces.

The partnership combines Lemonway’s third-party payment services management with Societe Generale’s cash-management services and “illustrates Societe Generale’s long-standing cooperative approach with fintech companies to provide innovative solutions for its clients,” according to Alexandre Maymat, head of global transaction and payment services at Societe Generale.


Other banks have created similar alliances. For example, Citi’s partnerships for digital payment acceptance cover services such as payment gateway, payment network and scheme access, acceptance services for cards and other payment methods, and fraud risk management, explains Biswarup Chatterjee, global head of partnerships and innovation at Citi Treasury and Trade Solutions.

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