NEW YORK – (BUSINESS WIRE) – October 20, 2021–
American Express (NYSE: AXP) and Goldman Sachs Transaction Banking (TxB) today announced a collaboration to provide large business customers with a cloud-based payment solution that will seamlessly support multiple payment options and offer data and analytics in an integrated platform.
“A major issue for our large commercial card customers is managing multiple platforms and a myriad of long, expensive and complex processes to complete, track and reconcile thousands of payment transactions every day,” Dean said. Henry, Executive Vice President of Global Commercial. Services at American Express. “We are excited to partner with Goldman Sachs to modernize these legacy and obsolete B2B payment processes. Together, we are setting a new standard in banking transactions for large businesses by providing access to faster payments and real-time tracking that can increase efficiency and reduce costs.
The collaboration combines Goldman Sachs ‘sophisticated TxB platform with American Express’ deep card expertise and direct relationships with buyers and suppliers to create a powerful digital treasury solution for large businesses.
The solution will for the first time integrate American Express virtual cards into the Goldman Sachs TxB platform, which already offers payments by ACH, wire transfer and foreign currency.
“We have developed the Goldman Sachs TxB platform to provide our clients with a modern, digital, agile, easy-to-use and secure cash management platform, bringing a quality consumer user experience to the world of B2B payments. . We are excited to continue this mission by working with American Express to expand our payment platform, enabling customers who are American Express Corporate Card members to make card payments and improve the efficiency of their payment experiences. suppliers, ”said Hari Moorthy, Global Head of TxB at Goldman Sachs.
The two companies have deep institutional relationships and expertise in providing innovative financial products and services to large global corporate clients. The American Express Global Commercial Services team has been a pioneer and leader in commercial cards for more than 50 years, nurturing relationships with nearly 60% of Fortune Global 500 companies and offering a broad range of products and capabilities. digital B2B payment. Goldman Sachs TxB offers industry-leading API-based corporate cash management, with domestic and FX payment capabilities and liquidity management products supported by Goldman Sachs’ FX franchise and Goldman’s balance sheet Sachs Bank USA.
This new integrated payment solution will include:
- A simple “one-flow” process that combines payment activity, both virtual card and cardless, into a holistic set of B2B payment instructions. This helps drive operational efficiencies, eliminate duplicate manual processes, and reduce bank charges often incurred from initiating multiple files.
- Goldman Sachs TxB’s smart payment engine, which will route payments to a particular payment channel in a way that optimizes a buyer’s preferences for speed and cost.
- Access for buyers and suppliers to dashboards that provide spend data and analysis, as well as real-time updates on payment statuses.
- Actionable insights that will empower corporate CFOs to make more informed decisions for their business.
The solution is currently available to select customers and is expected to launch for general availability in early 2022.
About American Express
American Express is a globally integrated payments company, providing customers with access to products, information and experiences that enrich lives and contribute to business success. Learn more at americanexpress.com and connect with us at facebook.com/americanexpress, instagram.com/americanexpress, linkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress. Key Links to Corporate Responsibility Products, Services and Information: Payment & Credit Cards, Business Credit Cards, Travel Services, Gift Cards, Prepaid Cards, Merchant Services, Accertify, Kabbage, Corporate Card , business travel and corporate responsibility.
About Goldman Sachs
The Goldman Sachs Group, Inc. is a global leader in investment banking, securities and investment management providing a broad range of financial services to a substantial and diverse clientele including corporations, financial institutions, governments and individuals. Founded in 1869, the company is headquartered in New York City and has offices in all of the major financial centers around the world.
About Goldman Sachs Transactional Banking
Goldman Sachs Transaction Banking, through Goldman Sachs Bank USA, is building a modern, digital, cloud-based business to help clients build the future of their cash flow. The company combines the strength, heritage and expertise of a 150-year-old company with the agility and entrepreneurship of a technology start-up.
Source: American Express Company
Location: United States
See the source version on businesswire.com: https://www.businesswire.com/news/home/20211020005578/en/
CONTACT: American Express Communications
Email: [email protected] Sachs Communications
Email: [email protected]
Phone. : 44 (20) 7552-5821
KEYWORD: NEW YORK UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES DATA MANAGEMENT TECHNOLOGY SOFTWARE FINANCE NETWORKS BANKING
SOURCE: American Express Company
Copyright Business Wire 2021.
PUB: 10/20/2021 09: 00 / DISC: 10/20/2021 09:02
Copyright Business Wire 2021.