Goldman Sachs and Fiserv tie up to boost transaction banking

Karthik Subramanian

Goldman Sachs has announced a tie-up with Fiserv to scale up its transaction banking business which was launched in the UK recently and has been gaining some good traction over the last few months.

Goldman Sachs had launched transaction banking services in the US last year to help businesses process domestic and international payments at a low cost. This service was extended to the UK recently and in both countries, the bank has been able to generate good traction with more than 250 clients in the US already who have processed over $1 trillion in transactions since the launch last year.

David Ades, head, global enterprise solutions, Fiserv, said: “Efficiently managing the delivery of cross-border payments across an extensive network of international suppliers is a pain point for our clients with a large global presence. Pairing our B2B accounts payable technology with an industry leader in transaction banking offers these clients a secure solution that brings new levels of automation, efficiency, and cost savings to accounts payable.”

Fiserv is a payments processing and data services group and its tie-up with Goldman will throw open the transaction banking service to the clients of Fiserv. These clients, who number more than a thousand, would now be able to send and receive payments from domestic and international companies directly within their accounts receivable and accounts payable platforms.

While the payments industry has progressed fast as far as retail payments are concerned, the business payments space has long been the reserve of very few companies that continue to hold their sway. This space is in dire need of some innovation and disruption, something that has not happened for quite some time now. It is difficult for startups to enter this space due to the infrastructure and the logistics that are involved. Also, the regulatory controls surrounding this space make it very difficult for new entrants and this is one of the main reasons why this business payments industry is still lagging in terms of technology and innovation.

While these tie-ups do help to take this space forward, the barriers of entry must be lowered so that new entrants would be able to come in and make their mark and this would in turn help to spur on the old legacy-based banks and financial firms to do better as well.

  • Read this next

    Institutional FX

    DKK reports 226% growth in 2023 with eyes on African expansion

    “Our numbers are beginning to show how we are powering, the growth required by emerging markets, and we plan for the success of our strategies to continue to thrive in 2024.”

    Industry News

    ‘WTF’ as in ‘What The Fraud?’, Sumsub’s new podcast on digital fraud

    “We found a lack of informative podcasts talking about digital fraud threats and prevention for business owners. So, we decided to dive in and share our expertise along with industry top minds in the ‘What The Fraud?’ podcast.”

    Digital Assets

    Coin Metrics integrates market data from Cboe Digital

    “We are pleased to work with Coin Metrics and believe that having quality and timely data, and systems to analyze that data, will help crypto markets mature as well as evolve to become a core component of a diversified investment portfolio. We are focused on providing access and solutions to the spot and derivatives crypto market in a way which mirrors an investor’s experience with traditional markets.”

    Fintech

    AU10TIX launches KYB solution to address regulatory requirements

    “Our customers have been requesting a comprehensive KYB solution, because money laundering and fraud have become far too prevalent in the corporate world. Our unified KYB/KYC solution is essential for identifying bad actors and maintaining a safe business environment in 2024.”

    Digital Assets

    Japan Is Rapidly Emerging As A Global Leader In Compliant Crypto Payments

    Japan is often hailed as one of the most forward-thinking nations in the crypto industry, with its government taking a very positive stance on the potential of concepts such as Web3. 

    Digital Assets

    Kraken launches institutional arm

    “If you already work with Kraken, you know how much we care about offering high quality products and a client-first experience. We’ve been the leading crypto exchange for more than a decade and through Kraken Institutional, we’ll offer the same deep expertise and cutting-edge technology to propel trading excellence for institutions.”

    Fintech

    Centroid integrates with brokerage solutions provider GTN

    “We are thrilled to integrate GTN into Centroid Bridge, our multi-asset connectivity bridging engine. This integration allows our clients to gain access to the wide range of multi-asset products offered by GTN.”

    Podcasts, Women of the Industry

    FF Podcast delves into the rise of prop trading as Brokeree releases Prop Pulse

    In the latest FinanceFeeds Podcast, Tatiana Pilipenko discusses Prop Pulse, Brokeree Solutions’ platform for prop firms and retail brokers aiming to delve into prop trading. Offering a flat fee structure, Prop Pulse emerges as a scalable solution in an era where successful traders increasingly prefer prop firms over traditional retail brokers.

    Inside View

    Scalping or day trading?

    Among the many popular trading styles with both beginners and experienced traders are scalping, which allows you to extract small portions of profit from each price movement, and day trading, which aims to trade over a single day. In this article, you will learn what scalping and day trading are and their differences and peculiarities. Ultimately, you will learn what to look for to understand which trading style is right for you.

    <