Visa has announced a global partnership with Goldman Sachs Transaction Banking to help small and large businesses move money around the world.
Goldman Sachs will implement Visa B2B Connect and Visa Direct Payouts solutions to assist commercial and corporate banking clients and simplify the operations and reduce costs associated with existing systems and inefficient processes.
The solutions will boost Goldman’s cross-border B2B and B2C payments program for high and low-value payments. The company’s corporate clients can move funds quickly and securely, have near real-time visibility into their payment status, obtain necessary reconciliation and compliance data, which will ultimately improve organizations’ cash flow.
Alan Koenigsberg, global head of new payment flows, Visa Business Solutions said:
There is an immediate need for modernization of global money movement to help businesses around the world simplify and enhance how they pay and get paid across borders. 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.
Goldman Sachs Transaction Banking existing clients can use Visa’s solutions immediately via API, file or online web platform.
Eduardo Vergara, global head of Transaction Banking Product and Sales at Goldman Sachs, added:
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.
Goldman Sachs will leverage Visa B2B Connect for high-value cross-border B2B payments. The multilateral B2B cross-border payments network is available in 97 markets globally. Designed to cut the time spent on cross-border corporate payments, Visa B2B Connect achieves this by facilitating transactions from the bank of origin directly to the beneficiary bank, streamlining the settlement.
Visa B2B Connect helps increase visibility and predictability into the transaction flow, providing Goldman Sachs clients with the ability to track the status of payments in near real-time, while improving transaction accuracy and simplifying the reconciliation process.
Visa Direct Payouts allows Goldman Sachs to cut the cost of push-to-account functionality and increase the volume of cross-border Business-to-Small-Business (B2SB) and Business-to-Consumer (B2C) payouts. Visa Direct Payouts expands the payment options Goldman Sachs can offer to its corporate clients through a single connection to billions of endpoints in more than 90 markets.
