Goldman Sachs & Volante partner to launch Digital Transaction Banking in the cloud
By Pavithra R
New Jersey-based Volante Technologies, a global provider of payments and financial messaging solutions accelerating digital transformation, has announced that the company has collaborated with Goldman Sachs to provide the payments technology underpinning the bank’s recently launched digital transaction banking service built entirely from scratch in the cloud. Volante has also become a client of the platform.
Through Goldman Sachs Transaction Banking Platform, the firm is helping clients build a treasury of the future and powering software partners to enhance their offerings. It is designed to be nimble, secure, and easy for the bank’s corporate clients to use and for partners to connect to. The platform enables self-service client onboarding and account opening as well as secure mobile authentication. It is fully API-enabled and incorporates rich analytics, liquidity management, virtual accounts, payments and escrow services.
“In launching digital transaction banking for our customers, we needed both cutting-edge functionality and the agility to meet ambitious targets. At the same time, we always aim to collaborate with companies who have the desire to be long term partners. Volante met our top criteria for an ideal collaborator: modern cloud-native technology, deep payments and transaction banking expertise, and the ability and flexibility to deliver against aggressive deadlines. We welcomed them as a client very early on in our journey,” said Luc Teboul, Managing Director and engineering lead for the Goldman Sachs Transaction Banking platform.
At the core of the transaction banking platform is Volante’s cloud-native VolPay, providing unified end to end processing of domestic and international payments, including foreign exchange/FX, across U.S. wires, SWIFT cross-border payments, ACH, and other payment rails.
“We are delighted to be collaborating with an innovative and disruptive organization like Goldman Sachs. This is truly a two-way street: our payments solutions and know-how have enabled Goldman Sachs to rapidly launch a superior cloud transaction banking service, while they worked closely with us in the certification process with US domestic and cross-border payment networks,” said Uday Thakur, Co-founder & CTO, Volante Technologies.
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Transaction Banking services are offered by Goldman Sachs Bank USA (“GS Bank”) and its affiliates. GS Bank is a New York State chartered bank, a member of the Federal Reserve System and a Member FDIC.
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