USD CLEARING WITH Société Générale

Société Générale maintains correspondent banking relationships all over the world. Whether you are an overseas financial institution, or an institution domiciled in the U.S., we can provide you comprehensive processing solutions.

Our global network is designed to work as your bank's financial partner, providing your bank with a full set of payments, collections, clearing, and trade services. We are here to provide services to your customers in the markets you operate, this results in strong and growing relationships where Société Générale and your bank continually work together to find mutually beneficial solutions for your customers.

The USD clearing market is concentrated among large financial institutions, of which Société Générale is one of them. Since the USD currency is one of the major currencies traded worldwide, it creates the need to obtain the services of a correspondent bank in the US. The processing of USD payments is standardized in the US and a very different market than the European Union.

After September 2001, the United States created new regulations to fight against money laundering and terrorism. Hence, the USD account opening process became very complex to understand and interpret for the foreign banks. As a USD clearer we help and advise our customers to understand and work in the local market.

Société Générale's experienced Relationship Manager creates customized solutions designed to optimize use of funds, reduce accounting costs, and streamline reporting.

Société Générale New York : An offer of quality service

Société Générale has been offering a full range of USD clearing services for more than 20 years. We process approximately 30,000 incoming and outgoing SWIFT messages per day, ranking us 17th among 49 participants in the Clearing House Interbank Payment System (CHIPS).

Our extensive experience and resources–combined with state-of-the-art reporting tools, dedicated customer service teams and access to local payment systems–enable us to provide our clients with efficient and secure clearing services.

A full range of payment services

• Commercial payments
• You can decide your pricing option ( OUR, BEN or SHA ).
• We can offer rebates for the payments with BEN or SHA option. These rebates are credited once a month ; moreover you will receive itemized statements, which will be useful for reconciliation.
• With the OUR option, the pricing is transparent and all-inclusive. We can guarantee full delivery of principle on same-day value transactions.
• We can also repair your messages and identify the intermediary bank on your behalf.
• SWIFT check is an alternative payment product for customer wire transfers. It is tailored to meet the beneficiary's requirement to receive a check.
• Trade payments
• We can offer competitive pricing and rebates shemes for the L/C reimbursement payments at zero cost to you.
• We can process efficient, straight-through processing of authorizations and claims, saving you time and costs.
• Our high volumes enable us to offer competitive pricing.
• CHIPS/FEDWIRE/ACH
• Our SWIFT capabilities are fully interfaced with the CHIPS system thereby reducing the need for manual intervention.
• Overseas payment orders can be sent and received via SWIFT or Telex.
• Payments are effected in Same Day Funds, unless otherwise instructed.
• We can transmit payments via the Federal Reserve Bank, of which we are an active member.
• We are also a member of the Automated Clearing House ( ACH ).

Convenient cut-off times
Payment instructions received prior to 4:30 p.m. EST will be executed with same-day value, and those received after 4:30 p.m. EST will be processed on a best effort basis.

Secure and reliable transmission of payments
Société Générale New York has an off-site contingency plan with a fully functional, back-up processing center that runs parallel to our main facility. Back-up procedures are documented, frenquently tested and continually updated.

REAL-TIME / INTRA-DAY REPORTING

WebClear USD
We offer you USD account access in real-time via the Internet, which can reduce your inquiries by up to 50%.

Daily MT 940 / MT 950 statements
Your statements are sent via SWIFT each business day. Full transaction references are shown and are compatible with computerized Nostro account reconciliation systems.

Fully descriptive account statements
Statements are sent by post and / or e-mail with all necessary details concerning debits and credits on a daily, weekly or monthly basis.

SWIFT credit & debit advice
MT 900 & 910 can be sent each time a debit / credit is posted to your account. We also offer credit advices with details on remitting bank and third party beneficiary for MT 202 & 103 respectively.

POWERFUL CASH MANAGEMENT SERVICES

Credit interest
According to the American regulation, USD accounts are not remunerated. However, we can offer you the overnight investment service on your positive balance at the end of each day.
Overdraft limits ( debit interest on overdraft balances ).
According to your needs and our own constraints, we can provide your institution with overdraft facilities.

PERSONALIZED, MULTILINGUAL CUSTOMER SERVICE

We offer personalized, multilingual and flexible customer service with a dedicated account officer assigned to each account. You may choose to have your customer service at any of our worldwide centers : New York, Paris or Tokyo. Our local teams ensure answers to the majority of your queries within 24 hours.
Moreover, we offer free quality reports on a monthly basis to allow a better monitoring of your STP rate.

CUSTOMIZED PRICING

We can provide a tiered pricing solution based on your clearing volume, and even rebates on commissions taken from commercial payments (MT103). We also offer rebates for L/C reimbursement payments (MT740 / 742). With our large volumes, you can also benefit from competitive fees for your treasury payments (MT202).
For more information, please contact :