Goldman Sachs and Fiserv partner on cross-border suppliers payments
With cross-border payments becoming an increasingly necessary tool for commercial payments, companies have shifted their focus and resources towards this.
This week, Fiserv, the US-based payments company, and Goldman Sachs Transaction Banking has announced a partnership which the company claims will streamline B2B cross-border suppliers payments made via B2B accounts payable solution by Fiserv.
According to the press note, this is the first phase of a partnership aiming to ‘remove the friction inherent in B2B payments related to high transaction costs and settlement speeds’. Clients of Fiserv would have access to Goldman Sachs Transaction Banking’s centralized, cloud-based payments suite that enables domestic and foreign currency payments and promotes visibility, operational efficiencies and cost savings to support clients’ global growth.
Last month, Goldman Sachs partnered with Visa for cross-border payments while Deutsche Bank and Fiserv announced a joint venture for payment acceptance.
“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,” said David Ades, Head of Global Enterprise Solutions at Fiserv.
Touching on pain points of cross-border payments and its solution, David Ades further noted that “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.”
Clients would be able to execute cross-border payments natively from their existing Fiserv’s accounts receivable and accounts payable solutions while Goldman Sachs will manage FX and domestic payment delivery for Fiserv’s clients to suppliers in more than 125 different currencies. The press note also stated that this solution will also enable real-time payment tracking which will reduce payment-related supplier inquiries and streamline reconciliation of payments.