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Goldman Sachs and AmEx debut cloud-based payment service for corporate clients

Goldman Sachs Transaction Banking attracted more than 250 clients, taking on over $35 bn in deposits

American Express and Goldman Sachs recently announced that they have collaborated together to offer AmEx’s virtual cards through Goldman’s corporate banking platform, Goldman Sachs Transaction Banking (TxB), according to media reports.

Since its launch in the US last year, Goldman Sachs Transaction Banking has attracted more than 250 clients, earned $35 billion in deposits and has processed several trillions of dollars through its system.

This latest digital offering aims to make business-to-business (B2B) payments easier and more streamlined for large corporate clients where they will be provided with multiple payment options in one platform.

Dean Henry, executive vice president of Global Commercial Services at American, told the media, “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“We are pleased to partner with Goldman Sachs to modernise these outdated legacy B2B payment processes.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.”

With the increase of fintech companies taking away customers from traditional banking institutions, innovating themselves and keeping up with the market is becoming increasingly important for global firms like American Express and Goldman Sachs. American Express holds relationships with nearly 60 percent of Fortune 500 companies and this collaboration will allow Goldman to tap into that sizable group of Amex business card holders.

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