Visa, the US-based financial services firm, announced yesterday that the company has formed a strategic partnership with Goldman Sachs, one of the largest American investment banks, to support clients in an effortless movement of money from different parts of the world.
According to the press release, Visa has collaborated with Goldman Sachs Transaction Banking to transform treasury operations for the clients of the bank through Visa Direct and Visa B2B Connect. Visa mentioned that the integration of the payout solutions of the company will support corporate and commercial banking clients of Goldman Sachs in cross-border payments.
Commenting on the latest announcement, Alan Koenigsberg, Global Head of New Payment Flows at Visa Business Solutions, said: “There is an immediate need for modernization of global money movement to help businesses around the world simplify and enhance how they pay and get paid across borders. Visa’s partnership with Goldman Sachs Transaction Banking is an important milestone in our efforts to break down traditional processes and silos and help spur innovation in this critical industry segment for the decades to come.”
In January 2021, Visa announced an international partnership with TransferWise (Wise) to support the expansion of multi-currency debit cards of Wise in different regions including Europe, the US, the Middle East and the United Kingdom.
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Transaction Banking Clients
The transaction banking clients of Goldman Sachs will take advantage of the latest partnership in different ways. The new collaboration will enable one simple workflow for all payments along with additional payout options for high and low-value payments.
“We believe paying someone halfway around the world should be just as easy as paying someone around the corner. We are proud to partner with Visa to introduce fast and easy ways our clients can make payments across the globe,” Eduardo Vergara, Global Head of Transaction Banking Product and Sales at Goldman Sachs said.
In Q1 of 2021, Goldman Sachs reported net revenues of $17.7 billion along with net earnings of $6.8 billion.