US banking giant Goldman Sachs has partnered with Visa to improve its cross-border payments processes. The bank will now utilise Visa’s B2B Connect and Direct Payout capabilities.
The partnership aims to simplify the complexities and costs associated with the bank’s existing systems for both commercial and corporate clients. Goldman Sachs Transaction Banking clients can begin using Visa’s solutions right away.
Eduardo Vergara, global head of transaction banking product and sales at Goldman Sachs, says:
“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.”
For high-value cross-border B2B payments, Goldman will leverage Visa B2B Connect, a B2B cross-border payments network, to help streamline payments for its corporate client base. The network is currently made up of 97 markets globally.
Visa says its B2B Connect solution helps increase visibility and predictability into the transaction flow. It adds Goldman Sachs clients now have an opportunity to track the status of payments from the originator bank to the destination bank in “near real-time” while improving transaction accuracy and simplifying the reconciliation process.
For lower value cross-border payments, clients can use Visa’s Direct Payouts capability, which boasts “faster processing times” and multiple payment options.
“There is an immediate need for modernisation of global money movement to help businesses around the world simplify and enhance how they pay and get paid across borders,” says Alan Koenigsberg, global head of new payment flows at Visa Business Solutions.
“Visa’s partnership with Goldman Sachs Transaction Banking is an important milestone in our efforts to break down traditional processes and silos and help spur innovation in this critical industry segment for the decades to come.”