Goldman Sachs Partners with American Express for Digital Payments Solution
America’s leading financial services providers, Goldman Sachs and American Express have partnered to provide integrated digital payments solutions to corporate clients. According to the companies, the new innovative product will support multiple payment options.
American Express and Goldman Sachs Transaction Banking have collaborated on a cloud-based payments solution. The new solution will embed the virtual cards of American Express into the Goldman Sachs TxB platform for the first time.
In June 2021, Visa announced a partnership with Goldman Sachs to facilitate global payments. The companies collaborated to support clients in an effortless movement of money from different parts of the world.
Through the recent partnership, American Express and Goldman Sachs aim to make B2B payments easier and more efficient for large companies. “A major pain point for our large commercial card clients is managing multiple platforms and myriad time-consuming, costly and complex processes to make, track and reconcile thousands of payment transactions every day,” said Dean Henry, Executive Vice President of Global Commercial Services at American Express.
“We are pleased to partner with Goldman Sachs to modernize these outdated legacy B2B payment processes. Together, we are setting a new standard in transaction banking for big business by offering access to faster payments and real-time tracking that can increase efficiency and reduce costs,” Henry added.
Goldman Sachs TxB Platform
The TxB platform of Goldman Sachs is one of the most popular platforms of the financial services provider. It offers premier API-first corporate cash management, with domestic and FX payments capabilities and liquidity management products.
“We developed the Goldman Sachs TxB platform to provide our clients with a modern cash management platform that is digital, nimble, easy to use and secure, bringing a consumer-grade user experience into the world of B2B payments. We are thrilled to further this mission by working with American Express to expand our payment platform,” Hari Moorthy, Global Head of TxB at Goldman Sachs, commented.
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