Goldman Sachs Expands Transaction Banking into the UK
Investment bank Goldman Sachs announced on Monday that it has unveiled Transaction Banking (TxB) in the UK, following its successful launch in the US last year.
Transaction banking, also known as cash management and treasury services, is the business of providing solutions for clients’ day-to-day treasury operations as well as optimizing working capital.
Since launching in the US last June, Goldman Sachs has attracted more than 250 clients, taking on over $35 billion in deposits and processing trillions of dollars through its systems. The launch of this business in the UK will bring a suite of new services to corporate and institutional clients via a market-leading, digital-first cash management platform.
TxB will offer traditional products in a more streamlined and simplified manner by modernising treasury functions, and offering a simple, seamless, API-based experience. TxB will launch features over time, building up to a holistic client solution that is inclusive of payments in more than 125 currencies, deposit accounts, escrow services, liquidity solutions, full file and API connectivity and payroll.
Hari Moorthy, global head of TxB, commented: “We set a mission to provide a global transaction banking platform that is secure, easy to use, and nimble to help our clients run and grow their businesses. The growth of this business has exceeded our estimates and we are very excited to bring TxB to the UK to expand our client reach and streamline banking for multinational corporations with a presence in the US and the UK.”
As Fazzaco reported yesterday, Goldman Sachs has selected Galaxy Digital Holdings Ltd. as its liquidity provider for Bitcoin futures block trades as the bank expands its cryptocurrency offering.
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