Goldman Sachs has teamed up with American Express to deploy a cloud-based payment service for large corporate clients.
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.
The new payment system will embed American Express’ virtual cards for the first time into the Goldman Sachs TxB platform, which already offers ACH, wire, and foreign currency payments. The solution will support multiple payment options for American Express Corporate Card Members and offer data and analytics in one integrated platform.
“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,” says Dean Henry, EVP of global commercial services at American Express. “We are pleased to partner with Goldman Sachs to modernise these outdated legacy B2B payment processes.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.”
The service is currently available to select clients and anticipated to launch for general availability in early 2022.