American Express has partnered with Goldman Sachs Transaction Banking (TxB) to offer an integrated payments solution to large corporate clients.
This cloud-based solution will embed American Express’ virtual cards into the Goldman Sachs TxB platform, which already facilitates ACH, wire, and foreign currency payments.
It will support various payment options while providing data and analytics in one integrated platform.
According to American Express executive vice president of Global Commercial Services Dean Henry, the solution will modernise outdated B2B payment processes and offer big businesses access to faster payments and real-time tracking.
Henry said: “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.”
Commenting on the partnership, Goldman Sachs global head of TxB Hari Moorthy said that it will help American Express Corporate Card Members drive efficiencies in their supplier payment experiences.
The new integrated payment solution will offer a ‘one flow’ process that combines virtual card and non-card payment activity into a complete set of B2B payment instructions.
It will also feature TxB’s Intelligent Payments Engine, which will route payments to a particular payment channel, enhancing buyer’s preferences based on speed and cost.
Additionally, buyers and suppliers will have access to dashboards that offer spend data and analytics, along with real-time updates on payment statuses.
The solution is also designed to offer actionable insights that will help corporate CFOs make more informed decisions.
Currently available to select clients, the solution is set for a broader launch in early 2022.
In July this year, Goldman Sachs TxB teamed up with US-based payments and fintech firm Fiserv to simplify cross-border supplier payments for businesses.