Goldman Sachs is opening its API-based Transaction Banking (TxB) platform to corporates in the European Union.
Originally launched in the US in 2020 and expanded to the UK in 2021, the move will deepen Goldman Sachs’ relationships with existing clients who have banking needs in the EU and allow the firm to serve new clients across the Continent.
Starting with a new location in Frankfurt, and with plans to expand to Amsterdam, TxB will serve clients’ treasury needs, including deposits and payments into over 160 countries in more than 120 currencies.
TxB’s cloud-based global platform provides clients with visibility into their accounts, payments, and liquidity positions across currencies and countries.
To date, TxB has attracted more than 400 clients, accepted over $65 billion in deposits, and processed trillions of dollars through its systems.
Hari Moorthy, global head of TxB, says the business combines the heritage, and expertise of a 150-year-old firm with the agility and entrepreneurial spirit of a tech start-up: “We understand the challenges of running a complex global treasury operation, and built our platform to be nimble, secure and easy-to-use to support clients as they run and grow their businesses.”