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.
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.
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