Goldman Sachs is joining forces with fintech Modern Treasury to bring embedded payments to corporate customers.
The partners say they will help joint customers seamlessly embed and scale domestic and international payments into their products.
Modern Treasury’s payment operations software platform will provide mutual clients with an integrated money movement solution, with payments powered by Goldman Sachs Transaction Banking (TxB).
A recent report from Bain predicts that the transaction value of embedded finance will double in the US to $7 trillion by 2026, with payments leading the way.
But, Goldman and Modern Treasury note that existing banking infrastructure was not designed with them in mind, and companies often have to build in-house solutions, which takes considerable development and resources.
The firms, which have jointly served clients since late last year, say they have the answer: they have committed to a mutual product roadmap to address new client needs, tighten the integration, and offer users a unified product experience.
They have now put together a system to expedite clients' time to onboard. In addition, clients can open virtual accounts, leverage wire drawdowns through the joint solution, and access more support services needed to support today’s high-growth companies
“Embedding payments into software products is increasingly the trajectory of commerce, and by partnering with Modern Treasury, we are creating new opportunities for clients to seamlessly leverage our payments capabilities within their own platforms,” says Eduardo Vergara, head, product and sales, Goldman Sachs TxB.
Dimitri Dadiomov, COE, Modern Treasury, adds: "Modern money movement is software driven. Goldman Sachs understands software developers and has built award-winning APIs2 for this audience.
“Modern Treasury fills the payment operations gaps to provide our joint clients with a best-in-class software solution for money movement, so they don’t have to build it themselves. We look forward to helping more customers get products and services to market faster and drive growth.”