Visa and Goldman Sachs Partner to Facilitate Money Movement

Fazzaco learned that Visa, the world’s leader in digital payments, has announced its strategic partnership with Goldman Sachs Transaction Banking to facilitate global money movement for the businesses.

According to the official press release, Goldman Sachs will help its commercial and corporate banking clients simplify complexities and costs associated with existing systems and inefficient processes by using Visa B2B Connect and Visa Direct Payouts solutions. These solutions are expected to enhance Goldman’s cross-border business-to-business (B2B) and business-to-consumer (B2C) payments program for high and low value payments.

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Goldman Sachs’s 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.

Goldman Sachs Transaction Banking clients can begin using Visa’s solutions right away through their existing connections, whether that be API, file or online web platform.

For high-value cross-border B2B payments, Goldman Sachs will leverage Visa B2B Connect. 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. 

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.