American Express and Goldman Sachs Transaction Banking have revealed they have partnered to provide large corporate clients with a cloud-based payments solution to support multiple payment options and offer data and analytics in one integrated platform.
Dean Henry, Executive Vice President of Global Commercial Services at American Express, said:
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. We are pleased to partner with Goldman Sachs to modernize these outdated legacy B2B payment processes.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 partnership combines Goldman Sachs’ TxB platform with American Express’ card expertise and direct buyer and supplier relationships in order to make a digital treasury solution for large corporations.