At the end of the day on Tuesday, June 8, 2021, Visa announced a strategic partnership with Goldman Sachs Transaction Banking that will allow large, medium and small businesses to easily transfer money around the world.
Thus and according to the release, the deployment of Visa B2B and Visa Direct Payouts solutions by Golman Sachs will enable the bank's commercial and corporate clients to streamline and simplify current systems and processes.
The solutions will enhance Goldman Sachs' B2B and B2C cross-border payments program for both large and small amounts. The bank's business customers will be able to transfer funds quickly and securely, view their payments in real time, and obtain reconciliation and compliance data to improve organizations' cash flow.
Specifically, Goldman Sachs Transaction Banking clients will be able to begin using Visa's solutions immediately through their existing connections, i.e. an API, file or online web platform.
As a result, clients of this major US bank will benefit from the partnership in a number of ways, including streamlined workflow for all payment types, immediate access to Visa services without any changes to the payment process, and the ability to use the Visa system in a variety of ways.access to Visa services with no changes to the existing configuration, additional payment options for both high and low value transfers, fee optimization and comprehensive information reporting for easy reconciliation.
Following the release, both companies have made statements regarding the announcement.
For example, Alan Koenigsberg, global head of new payment streams at Visa Business Solutions said: "There is an immediate need to modernise international money transfers to help businesses around the world simplify and improve the way they pay and get paid across borders. Visa's partnership with Goldman Sachs Transaction Banking is an important step in our efforts to modernize traditional processes and silos to drive innovation in this critical industry segment for decades to come. »
As for Eduardo Vergara, current global head of Transaction Banking products and sales at Goldman Sachs, he said, "We believe that paying someone on the other side of the world should be as simple as paying someone on the corner. We are proud to partner with Visa to provide our clients with fast and easy ways to make payments around the world. »
More information on how Visa will help clients and partners transfer money globally can be found at Visa Direct Payouts and Visa B2B Connect on the Visa website.