Visa partnered with Goldman Sachs Transaction Banking for its Visa B2B Connect and Visa Direct Payouts solutions, which allow Goldman Sachs to help its commercial and corporate banking clients simplify payments processes.
Goldman’s cross-border business-to-business (B2B) and business-to-consumer (B2C) payments program for high and low-value payments are gaining traction as the payments sector has been one of the most disruptive in the last decade.
Corporate clients can move funds quickly and securely, have near real-time visibility into their payment status, obtain necessary reconciliation and compliance data, ultimately helping improve organizations’ cash flow.
Alan Koenigsberg, global head of new payment flows, Visa Business Solutions, said: “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. Visa’s partnership with Goldman Sachs Transaction Banking is an important milestone in our efforts to break down traditional processes and silos and help spur innovation in this critical industry segment for the decades to come.”
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.
Built from the ground up, Visa B2B Connect is designed to shorten time spent on cross-border corporate payments by facilitating transactions from the bank of origin directly to the beneficiary bank, helping significantly streamline settlement.
The platform helps increase visibility and predictability into the transaction flow, giving Goldman Sachs 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 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.
Through a single connection to billions of endpoints in over 90 markets, Visa Direct Payouts expands the payment options Goldman Sachs can offer to its corporate clients.
Eduardo Vergara, global head of Transaction Banking Product and Sales at Goldman Sachs, said: “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.”