Batch Convert Rectangular Images to Fit in fixed Square

Greetings,

I am trynig to batch a couple thousand images from rectangular to 1200x1200 px squares on an e-Commerce site.

The square image should have a 5% white border all around and the image shoud be centered. I know how to create batch processes but in this case some images have to be modified to fit into the square. Has anyone had any luck either creating a script to do this or implemented some AI based instructions to make it happen and not require touching every image.

Thanks,

J