Goldman Sachs, Visa form cross-border payment venture

Monday, 07. June 2021 13:19

Goldman Sachs Group Inc. and Visa Inc. announced a strategic partnership on Monday through which the multinational investment bank looks to secure cheaper and simplified international transactions for its "commercial and corporate banking clients."

A joint statement released by the companies explained that the project, dubbed Goldman Sachs Transaction Banking, will improve Goldman's "cross-border business-to-business (B2B) and business-to-consumer (B2C) payments program for high and low value payments."

The service will be available to the clients right away, the statement explained. "We believe paying someone halfway around the world should be just as easy as paying someone around the corner," Eduardo Vergara, global head of Transaction Banking Product and Sales at Goldman Sachs, stated.

The shares of both companies increased slightly in the premarket after the announcement, with Goldman Sachs gaining 0.34% and Visa advancing by 1.06% at the same time.

Related Links: Goldman Sachs Group Inc.Visa Inc.
Author:
Breaking the News / BU