GTreasury, a treasury management system provider, is working with Goldman Sachs on a new solution to offer easier, more transparent B2B payments both at home and internationally, according to a press release.
The partnership, by making use of Goldman's technology and security capabilities with GTreasury's platform, will allow businesses to pay vendors in their local currencies and at lower costs than they used to be able to, the release states, and it will allow real-time tracking that reduces the need for payment-related supplier inquiries.
In addition, the release says the partnership will allow for more visibility on bank fees and better payment routing through the use of Goldman's advanced machine learning techniques. Companies will also have to worry less about risk because of the better visibility and control over foreign exchange payments and currency exposures for procurement and treasury stakeholders.
GTreasury works to provide corporate treasurers with a clear, single-source picture of their payments, risks and finances in general through its Software-as-a-Service platform.
Renaat Ver Eecke, CEO of GTreasury, said in the release that the bank's 2018 acquisition of Visual Risk had made it clear how much of a plus the combination of risk assessment and managing cash has been for customers.
Terry Beadle, GTreasury's global head of Corporate Development, said the combination would prove valuable.
“GTreasury’s ecosystem helps our customers create digital workflow across the corporate treasury value chain,” Beadle said, according to the release. “Joining forces with Goldman Sachs makes it simpler, more transparent, and more economic for customers to make payments.”
Hari Moorthy, Goldman Sachs' global head of Transaction Banking, said users "will quickly see the benefits of the frictionless, transparent payment experience and the competitive pricing that’s inherent to Goldman Sachs Global Payments," according to the release.
Goldman Sachs has also partnered with Amazon to offer lending through Goldman's Marcus brand. The partnership will help to provide lines of credit to businesses in need due to the pandemic.
