Fiserv and Goldman Sachs Transaction Banking have launched the first offering as a result of what is described as a “growing strategic relationship” centred on innovative financial solutions.
This is a B2B facility for domestic and foreign currency payments.
Fiserv clients will be able to execute cross-border payments natively within their existing accounts receivable and accounts payable solutions from Fiserv, via Goldman Sach’s payments suite.
Goldman Sachs will manage FX and domestic payment delivery for Fiserv clients to suppliers in more than 125 currencies.
The solution will also enable real-time payment tracking, thereby reducing payment-related supplier inquiries and streamlining reconciliation of payments to corresponding invoices.
David Ades, head of global enterprise solutions at Fiserv, says: “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.”
A key Fiserv application that will be enabled with this capability is its payments automation solution, SnapPay, which integrates with ERP solutions to enable the digital, secure movement of money and information between buyers and suppliers.
Eduardo Vergara, global head of transaction banking product and sales at Goldman Sachs, adds: “We look forward to expanding our relationship with Fiserv to deliver differentiated financial services to the Fiserv global client base.”