Goldman Sachs partners with American Express for cloud-based cash management

Goldman Sachs is partnering with American Express to offer cloud-based cash management services.

American Express is currently the dominant player in the multi-billion US cash management space, helping 60 per cent of Fortune Global 500 businesses store and transfer cash according to its own statistics.

The firms said the solution will combine embed American Express’ virtual cards with Goldman Sachs’ TxB Intelligent Payments Engine.

The firms said algorithms will decide which form of payment is most efficient on a transaction-by-transaction basis - card, wire, or automated clearing house - depending on speed and cost.

The firms said the solution will produce operational efficiencies, eliminate duplicative manual processes, and reduce bank fees often incurred due to multi-file initiation.

In addition, the firms claimed the solution will also provide “actionable insights” that will enable corporate chief financial officers to make more informed decisions for their companies.

The news comes as the bank seeks to establish more stable forms of revenue than its traditional investment banking business.

Marcus, Goldman’s retail banking division, launched in the UK in September 2018, and there have been reports of the firm targeting an entrance into the consumer investment space.

The joint cash management solution is currently available to select clients and is expected to launch for general availability in early 2022.

“A major pain point for our large commercial card clients is managing multiple platforms and time-consuming, costly and complex processes to make, track and reconcile thousands of payment transactions every day,” said Dean Henry, executive vice president of global commercial services at American Express.

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