Goldman Sachs Transaction Banking and Fiserv have announced a new partnership for supplier payments.

Goldman Sachs Transaction Banking, through Goldman Sachs Bank USA, is a digital-first and cloud-based business.

The first phase of the new relationship will enable clients of Fiserv, a payments and financial technology company, to execute cross-border payments to suppliers from an integrated B2B solution that uses the bank’s cloud-based platform.

These clients will be able to execute cross-border payments natively within their existing accounts receivable and accounts payable features from Fiserv, such as SnapPay.

SnapPay is a multichannel payments automation solution which integrates with enterprise
resource planning (ERP) solutions to enable the digital movement of money and information between buyers and suppliers.

“We are pleased to partner with Fiserv, a global leader in payments and financial technology, to provide best-in-class B2B payment capabilities to their clients,” said Eduardo Vergara, global head of transaction banking product & sales at Goldman Sachs. “We look forward to expanding our relationship with Fiserv to deliver differentiated financial services to the Fiserv global client base.”

David Ades, head of global enterprise solutions at 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.”

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