Goldman Sachs cooperates with the fintech Modern Treasury to bring embedded payments to corporate customers
As reported by Finextra, Goldman Sachs in partnership with Modern Treasury plans to help joint customers seamlessly embed and scale both domestic and international payments into their products.
The joint money movement solution will use Modern Treasury’s payment operations software platform, while payments will be powered by Goldman Sachs Transaction Banking (TxB).
Despite the immense potential of embedded finance, recently revealed in the research from Bain & Company, existing banking infrastructure was not designed with them in mind. Thus, companies often have to build expensive and painstaking in-house solutions.
Therefore, the two firms, which have jointly served clients since late last year, have committed to a mutual product roadmap. It will address new client needs, tighten the integration, and offer users a unified product experience.
They have crafted a system to expedite clients’ time to onboard. In addition, clients would be able to open virtual accounts, leverage wire drawdowns through the joint solution, and access more support services.
Dimitri Dadiomov, COE, Modern Treasury, adds that cooperation is mutually beneficial. In his opinion, Goldman Sachs understands software developers. A great illustration of this fact is its award-winning APIs.