Goldman Sachs and Visa to work together on 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
  • Visa and Goldman Sachs, which are two of the biggest names in the finance world, have announced a collaboration allowing them to work together on improving cross-border payments experiences for Goldman Sachs customers.
  • The move will see Goldman Sachs customers get access to two of Visa’s services – Visa Direct Payouts and Visa B2B Connect.
  • “Visa’s partnership with Goldman Sachs Transaction Banking is an important milestone in our efforts to break down traditional processes,” said a spokesperson for Visa.

Two of the world’s largest and most well-recognised payments companies have announced a new collaboration.

Goldman Sachs Transaction Banks and Visa said that they would collaborate to improve the cross-border payments experience of corporate banking customers.

Goldman Sachs will add Visa Direct Payouts and Visa B2B Connect services to its current array of systems as part of the new arrangement.

Goldman Sachs will then be able to offer a better experience for all customers – including those in the business-to-business world and also those in the business-to-consumer world.

It will impact those who are sending both high-value and low-value transfers.

It will also add an extra layer of security while increasing levels of transparency.

Customers will be able to get hold of compliance data more easily – and check that their reconciliation processes have worked.

As a result, customers will be able to manage their cash flow better.

It will now be possible for users of Goldman Sachs Transaction Banking to start the process of using Visa services.

They will be able to do this either online through the website-based platform or by using an application programming interface.

In a statement, Alan Koenigsberg, who serves as global head of new payment flows at Visa Business Solutions, said that money transfers needed to be brought into the modern age as a matter of urgency.

“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,” he said.

He added that the companies were looking to work together to overcome the barriers that had existed in the sector for a long time.

“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,” he explained.

For Goldman Sachs, the global head of Transaction Banking Product and Sales Eduardo Vergara said that his company was “proud” of the new pairing.

“We believe paying someone halfway around the world should be just as easy as paying someone around the corner,” he said.

“We are proud to partner with Visa to introduce fast and easy ways our clients can make payments across the globe.”

These brands are just two of the many names operating in the international money transfers world – to discover more about what other brands can offer, just check out our reviews pages.


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