Goldman Sachs Transaction Banking has signed a global strategic partnership with Visa to enhance cross-border payments for its commercial and corporate banking clients.
The partnership aims to help Goldman Sachs’s corporate clients to move funds quickly while improving their cash flow.
The investment banking firm will implement Visa B2B Connect and Visa Direct Payouts solutions to enhance its cross-border business-to-business (B2B) and business-to-consumer (B2C) payments programme for high and low value payments.
For high-value cross-border B2B payments, Goldman Sachs will utilise Visa B2B Connect, a multilateral B2B cross-border payments network available in 97 markets globally.
In addition, Visa Direct Payouts capabilities will help the firm bring push-to-account functionality for lower value, high volume cross-border Business-to-Small-Business (B2SB) and B2C payouts.
This is expected to remove complexities related to businesses that manage several networks and intermediaries internationally.
Visa Business Solutions global head of new payment flows Alan Koenigsberg called the partnership an important milestone in the company’s efforts to break down traditional processes and silos.
Goldman Sachs Transaction Banking clients can start leveraging Visa’s solutions immediately through their existing connections, including API, file or online web platform, the companies said.
Goldman Sachs global head of Transaction Banking Product and Sales Eduardo Vergara said: “We believe paying someone halfway around the world should be just as easy as paying someone around the corner.
“We are proud to partner with Visa to introduce fast and easy ways our clients can make payments across the globe.”
In May, Goldman Sachs invested $20m in financial crime detection company ComplyAdvantage as part of the company’s extended Series C funding round.
Last year, the firm launched an app for its online bank Marcus.