American Express and Goldman Sachs to Provide Integrated Digital Payments Solution for Corporate Clients
21 October 2021 - 12:00AM
Business Wire
This new innovative product will support multiple payment
options, making B2B payments easier and more efficient for large
companies.
American Express (NYSE: AXP) and Goldman Sachs Transaction
Banking (TxB) today announced a collaboration to provide large
corporate clients with a cloud-based payments solution that will
seamlessly support multiple payment options and offer data and
analytics in one integrated platform.
“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 Dean Henry, Executive Vice
President of Global Commercial Services at American Express. “We
are pleased to partner with Goldman Sachs to modernize these
outdated legacy B2B payment processes. Together, we are setting a
new standard in transaction banking for big business by offering
access to faster payments and real-time tracking that can increase
efficiency and reduce costs.”
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 American Express to expand our
payment platform, enabling clients that are American Express
Corporate Card Members to make card payments and drive efficiencies
in their supplier payment experiences,” said Hari Moorthy, Global
Head of TxB at Goldman Sachs.
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 60% of Fortune Global 500 companies and delivering a broad
range of digital B2B payment products and capabilities. Goldman
Sachs TxB offers premier API-first corporate cash management, with
domestic and FX payments capabilities and liquidity management
products supported by Goldman Sachs’ FX franchise and the balance
sheet of Goldman Sachs Bank USA.
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.
About American Express
American Express is a globally integrated payments company,
providing customers with access to products, insights and
experiences that enrich lives and build business success. Learn
more at americanexpress.com and connect with us on
facebook.com/americanexpress, instagram.com/americanexpress,
linkedin.com/company/american-express, twitter.com/americanexpress,
and youtube.com/americanexpress. Key links to products, services
and corporate responsibility information: charge and 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 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 New York and maintains offices in all major
financial centers around the world.
About Goldman Sachs Transaction Banking
Goldman Sachs Transaction Banking, through Goldman Sachs Bank
USA, is building a modern, digital-first, and cloud-based business
to help clients build the future of their Treasury. The business
combines the strength, heritage, and expertise of a 150-year-old
firm with the agility and entrepreneurial spirit of a tech
start-up.
Source: American Express Company
Location: U.S.
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version on businesswire.com: https://www.businesswire.com/news/home/20211020005578/en/
American Express Communications Melanie Backs Email:
melanie.l.backs@aexp.com
Goldman Sachs Communications Sebastian Howell Email:
sebastian.howell@gs.com Tel: 44(20)7552-5821
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