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American Express & Goldman Collaborating To Offer Businesses Integrated Digital Payments Solutions

By John F. Heerdink, Jr.

Reportedly, American Express (AXP) and Goldman Sachs (GS) Transaction Banking announced a collaboration to provide large corporate clients with a cloud-based payments solution that will support multiple payment options and also offer analytics and data in one integrated platform. The collaboration will be bridged upon Goldman Sachs’ sophisticated TxB platform with American Express’ deep card expertise and direct buyer and supplier relationships integrated to create a powerful digital treasury solution for large corporations.

“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 We are pleased to partner with Goldman Sachs to modernize these outdated legacy B2B payment processes.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,” stated Dean Henry, Executive Vice President of Global Commercial Services at American Express.

The solution will enclose American Express’ virtual Cards for the first time into the Goldman Sachs TxB platform, which already offers ACH, wire, and foreign currency payments. The integrated payment solution will offer, a simple “one flow” process that combines payment activity, both virtual card and non-card, into a set of B2B payment instructions. The Goldman Sachs TxB’s Intelligent Payments Engine will allow to route payments to a particular payment channel optimizing buyer’s preferences based on speed and cost. It will also assist with actionable insights, helping corporate CFOs to make more informed decisions for their companies.

To learn more about the Goldman Sachs Group, Inc. (GS) and American Express Company (AXP) to continue to track thier progress please visit the Vista Partners Goldman Sachs Group, Inc. (GS), Coverage Page, and American Express Coverage Page respectively.
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(Read Original Story: American Express and Goldman Sachs to Provide Integrated Digital Payments Solution for Corporate Clients in Business Wire)


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