Banking News

Visa & Goldman Sachs Partner for Cross Border Payments Simplification

(9 June 2021 – United States) Visa has joined forces with Goldman Sachs Transaction Banking to deliver seamless payments solutions and improved treasury operations for corporate clients. Through Visa B2B Connect and Visa Direct Payouts solutions, Goldman Sachs can now offer their clients an efficient and cost-effective payment channel.

The solutions will be particularly effective for cross-border business to business (B2B) and business to consumer (B2C) payments for high and low value payments. Goldman Sachs’ corporate clients will also benefit from real-time visibility into their payment status and obtain necessary reconciliation and compliance data which will ultimately improve corporate cash flows. High-value flows leverage Visa B2B Connect, an account-to-account (A2A) cross-border payments network now available in 97 markets. Low-value payments will leverage the cross-border capabilities of the recently-launched Visa Direct Payouts, offering push payments to millions of consumer and small- to medium-sized enterprise (SME) accounts.

Whether it is a multinational making payments to strategic suppliers or a business making payments to gig workers, the globalization of trade, and the massive shift to digital over the last 18 months have amplified the need to streamline the way that money moves between people and businesses across borders.

The bank’s clients can connect with Visa’s solutions through Application Programming Interface (API), file or online web platform.

“We are proud to partner with Visa to introduce fast and easy ways our clients can make payments across the globe. We believe paying someone halfway around the world should be just as easy as paying someone around the corner” commented Goldman Sachs Global Head of Transaction Banking Product and Sales, Eduardo Vergara

“There is an immediate need for modernisation of global money movement to help businesses around the world simplify and enhance how they pay and get paid across border” commented Visa Business Solutions Global Head of New Payments Flows, Alan Koenigsberg.

“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” he added.

“Visa’s cross-border money movement efforts map back to its “network of networks” strategy. Visa aims to be a single connection point for clients to move value over Visa networks, such as Visa Direct and Visa B2B Connect, or new networks in the future. The partnership with Goldman is an important reflection of Goldman Sachs’ own efforts to modernize B2B payments. Partnership discussions revealed more than just a desire to ‘fix’ cross-border payments but a shared vision for giving corporates better tools and more control over their own payments flows.”

“Reinventing the process meant alignment around the need to redo the basic infrastructure for how money and data flows move securely between parties globally, giving banks like Goldman and their corporates new ways to reimagine their cross-border business opportunities. Making progress was a collaboration focused on overcoming some of the most pressing points of friction that have existed for decades in the traditional cross-border processes” Koenigsberg added.