American Express and Goldman Sachs to Provide Integrated Digital Payments Solution for Corporate Clients
This new innovative product will support multiple payment options, making B2B payments easier and more efficient for large companies.
“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,” said
The collaboration joins Goldman Sachs’ sophisticated TxB platform with American Express’ deep card expertise and direct buyer and supplier relationships to create a powerful digital treasury solution for large corporations.
The solution will embed American Express’ virtual Cards for the first time into the Goldman Sachs TxB platform, which already offers ACH, wire, and foreign currency payments.
“We developed the Goldman Sachs TxB platform to provide our clients with a modern cash management platform that is digital, nimble, easy to use, and secure – bringing a consumer-grade user experience into the world of B2B payments. We are thrilled to further this mission by working with
Both companies have deep institutional relationships and expertise in providing innovative financial products and services to large and global corporate clients. American Express’ Global Commercial Services team has been a pioneer and leader in commercial cards for over 50 years, holding relationships with nearly
This new integrated payment solution will include:
- A simple “one flow” process that combines payment activity, both virtual card and non-card, into a holistic set of B2B payment instructions. This helps generate operational efficiencies, eliminates duplicative manual processes, and reduces bank fees often incurred due to multi-file initiation.
- Goldman Sachs TxB’s Intelligent Payments Engine, which will route payments to a particular payment channel in a manner that optimizes a buyer’s preferences based on speed and cost.
- Buyer and supplier access to dashboards that provide spend data and analytics, as well as real-time updates on payment statuses.
- Actionable insights that will enable corporate CFOs to make more informed decisions for their companies.
The solution is currently available to select clients and anticipated to launch for general availability in early 2022.
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About Goldman Sachs
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in
About Goldman Sachs Transaction Banking
Goldman Sachs Transaction Banking, through
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Email: melanie.l.backs@aexp.com
Email: sebastian.howell@gs.com
Tel: 44(20)7552-5821
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