Visa forms global strategic partnership with Goldman Sachs to modernize global money movement

By Pavithra R

Visa, a leader in digital payments, has announced a global strategic partnership with Goldman Sachs Transaction Banking to help all businesses large to small move money effortlessly around the world.

Goldman Sachs by its implementation of Visa B2B Connect and Visa Direct Payouts solutions will help its commercial and corporate banking clients simplify complexities and costs associated with existing systems and inefficient processes. These solutions will enhance Goldman’s cross-border business-to-business (B2B) and business-to-consumer (B2C) payments program for high and low-value payments. Its corporate clients can move funds securely, have near real-time visibility into their payment status, obtain necessary reconciliation and compliance data, ultimately helping improve organizations’ cash flow.

“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. “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,” said Alan Koenigsberg, global head of new payment flows, Visa Business Solutions.

The collaboration enables Goldman Sachs Transaction Banking clients to begin using Visa’s solutions immediately through their existing connections, whether that be API, file or online web platform. For high-value cross-border B2B payments, Goldman Sachs will leverage Visa B2B Connect, a multilateral B2B cross-border payments network, available in 97 markets globally, to help optimize payments for its corporate client base. The platform helps increase visibility and predictability into the transaction flow, giving clients an opportunity to track the status of payments from the originator bank to the destination bank in near real-time, while improving transaction accuracy and simplifying the reconciliation process.

With Visa Direct Payouts capabilities, Goldman Sachs will bring push-to-account functionality for a lower value, high volume cross-border Business-to-Small-Business (B2SB) and Business-to-Consumer (B2C) payouts, eliminating complexities often associated with businesses having to manage multiple networks and intermediaries worldwide.

Goldman Sachs Transaction Banking clients will benefit from:

• One simple workflow for all payment types
• Start using Visa services right away, with no changes to existing setup
• Additional payout options for high and low-value payments
• Fee optimization
• Comprehensive information reporting for easy reconciliation

“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,” said Eduardo Vergara, global head of Transaction Banking Product and Sales at Goldman Sachs.

Established in 1958, Visa is a global payments technology company working to enable consumers, businesses, banks, and governments to use digital currency. Its advanced global processing network, VisaNet, provides secure and reliable payments and can handle more than 65,000 transaction messages a second.