AmEx and Goldman Sachs partner to deliver cloud-based corporate payments platform
American Express and Goldman Sachs Transaction Banking (TxB) have unveiled a collaboration that will provide large corporate clients with a unified cloud-based payments solution.
The solution will leverage American Express’ payments card know-how with TxB’s cloud-native platform to support multiple payment options and offer data and analytics in one integrated digital treasury solution.
Although only currently available to select clients, the full launch of the platform is expected early next year.
The offering will embed American Express’ virtual cards into the TxB platform, which currently offers ACH, wire, and foreign currency payments.
It will aim to combine virtual card and non-card into a single set of B2B payment instructions, route payments to a payment channel that optimises a buyer’s preferences, and provide data and analytics.
TxB’s API-first corporate cash management platform will now also enable clients that are American Express Corporate Card Members to make card payments “and drive efficiencies in their supplier payment experiences”, says Goldman Sachs’ global TxB head Hari Moorthy.
Dean Henry, executive vice president of global commercial services at American Express, says the collaboration will modernise outdated legacy B2B payment processes by offering access to faster payments and real-time tracking.
“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,” Henry adds.