Goldman Sachs and Fiserv to streamline supplier payments

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Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • Goldman Sachs Transaction Banking is pairing up with Fiserv, a provider of financial services technology, to help streamline supplier payments for businesses.
  • It comes as part of a broader strategic partnership between the two companies, with Goldman Sachs taking responsibility for forex payments in this instance.
  • “We are pleased to partner with Fiserv, a global leader in payments and financial technology,” said a Goldman Sachs spokesperson.

Goldman Sachs Transaction Banking and Fiserv, two big names in the financial services and online money transfer fields, have confirmed a new arrangement designed to help streamline supplier payments.

Fiserv, which provides financial services technology, will enhance its existing partnership with Goldman Sachs Transaction Banking as part of a new push to better support customers.

The new arrangement will see the two firms make supplier payments more efficient.

The main beneficiaries of this continued partnership will be those who work in business-to-business (B2B) accounts payable.

This latest development means that companies will be able to reduce the friction that is commonplace in B2B payments, especially regarding settlement speeds and transaction costs.

Fiserv’s client base will be able to use the Goldman Sachs Transaction Banking cloud payments suite, which will allow both forex and domestic currency payments to be made.

Goldman Sachs will be responsible for both types of payments in this situation.

Meanwhile, Fiserv will provide some of its payment tools, including SnapPay.

SnapPay is a multichannel payments automation solution designed to integrate with enterprise resource planning (ERP) services for money transfers.

In a statement, the Head of Global Enterprise Solutions at Fiserv confirmed that managing international money transfers was a key aim for the firm.

David Ades said that the company was looking to address some of the firm’s pain points through automation and efficiency.

“Efficiently managing the delivery of cross-border payments across an extensive network of international suppliers is a pain point for our clients with a large global presence,” he said.

“Pairing our B2B accounts payable technology with an industry leader in transaction banking offers these clients a secure solution that brings new levels of automation, efficiency, and cost savings to accounts payable.”

Eduardo Vergara, the Global Head of Transaction Banking Product & Sales, said that enhancing B2B payment capabilities was important.

He added that the company wanted to deliver differentiated financial services to the wider Fiserv client base.

“We are pleased to partner with Fiserv, a global leader in payments and financial technology, to provide best-in-class B2B payment capabilities to their clients,” he said.

“We look forward to expanding our relationship with Fiserv to deliver differentiated financial services to the Fiserv global client base.”

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