Money movement FinTech Modern Treasury and Goldman Sachs Transaction Banking (TxB) are collaborating to advance the move to embedded payments and help collective clients leverage the capabilities for their own products.
Mutual clients will be provided with an integrated money movement solution through Modern Treasury’s Payment Operations software platform with payments powered by TxB, according to a press release Thursday (Sept. 15).
“Embedding payments into software products is increasingly the trajectory of commerce, and by partnering with Modern Treasury, we are creating new opportunities for clients to seamlessly leverage our payments capabilities within their own platforms,” said Eduardo Vergara, global head of product and sales at Goldman Sachs Transaction Banking.
See also: Modern Treasury on Turning Challenges Into Benefits With Real-Time Payments
Many midmarket companies seeking to digitize payments drop the process after encountering some of the stumbling blocks that can arise at the onset, according to the release. Client onboarding, compliance, counterparty management, third-party payment reconciliation, accounting integrations and more can end up becoming a barrier to entry.
“Modern money movement is software driven,” said Dimitri Dadiomov, Modern Treasury co-founder and CEO. “Goldman Sachs understands software developers and has built award-winning APIs for this audience. Modern Treasury fills the payment operations gaps to provide our joint clients with a best-in-class software solution for money movement, so they don’t have to build it themselves.”
Read more: B2B Payments Need to Be Faster, Low-Fee and Fraud-Free
The companies said they have been serving clients together since the end of last year. Product teams from both firms are now tapping the same product suite to provide mutual clients with a unified experience and meet the expectations of new customers, according to the release.
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