Goldman Sachs is looking to scale up its new transaction banking business by teaming up with Fiserv to offer the fintech giant's clients services, starting with cross-border supplier payments.
Since launching in the US last June, Goldman Sachs Transaction Banking has attracted more than 250 clients, taking on over $35 billion in deposits and processing trillions of dollars through its systems. Last month it launched in the UK.
In the first phase of a wider partnership, Fiserv clients will have access to Goldman Sachs Transaction Banking’s centralised, cloud-based payments suite that enables domestic and foreign currency payments.
These clients - numbering in the thousands - will be able to execute cross-border payments natively within their existing accounts receivable and accounts payable technology from Fiserv.
Goldman Sachs will manage FX and domestic payment delivery to suppliers in more than 125 different currencies. The offering will also enable real-time payment tracking.
David Ades, head, global enterprise solutions, Fiserv, says: "Efficiently managing the delivery of cross-border payments across an extensive network of international suppliers is a pain point for our clients with a large global presence.
"Pairing our B2B accounts payable technology with an industry leader in transaction banking offers these clients a secure solution that brings new levels of automation, efficiency, and cost savings to accounts payable."