Goldman Sachs Group Inc’s (GS.N) commercial and corporate banking clients can now use Visa Inc’s (V.N) networks to make cross-border payments and move money globally, the companies said on Monday.
Goldman Sachs’ clients can use Visa B2B Connect, a corporate payments network that allows financial institutions to process high-value, cross-border payments in 97 markets.
Launched in 2019, the service allows transactions directly between the bank from which they originate to the beneficiary bank, helping streamline the corporate payments process.
The bank’s clients can also use Visa Direct Payouts, for lower value, cross-border funds delivery in real-time to businesses and consumers, eliminating complexities often associated with businesses having to manage multiple networks.
“There is an immediate need for modernization of global money movement to help businesses around the world simplify and enhance how they pay and get paid across borders,” said Alan Koenigsberg, global head of new payment flows, Visa Business Solutions.