BROOKFIELD, Wis.–Fiserv reported it has entered into a partnership with Goldman Sachs Transaction Banking to streamline supplier payments made via B2B accounts payable solutions offered by Fiserv. The company described the move as the first initiative in a growing strategic relationship between Fiserv and Goldman Sachs Transaction Banking to collaborate on “innovative financial solutions.”
The first phase of this partnership aims to remove the friction inherent in B2B payments related to high transaction costs and settlement speeds, Fiserv said. The company stated its clients will have access to Goldman Sachs Transaction Banking’s centralized, cloud-based payments suite that “enables domestic and foreign currency payments and promotes visibility, operational efficiencies and cost savings to support clients’ global growth,” according to Fiserv.
Fiserv further stated the clients leveraging the solution will be able to execute cross-border payments natively within their existing accounts receivable and accounts payable solutions from Fiserv, such as SnapPay.
A multichannel payments automation solution, SnapPay integrates with leading enterprise resource planning (ERP) solutions to enable the movement of money and information between buyers and suppliers digitally and securely, Fiserv said.
Addressing a Pain Point
“Efficiently managing the delivery of cross-border payments across an extensive network of international suppliers is a pain point for our clients with a large global presence,” said David Ades, head of Global Enterprise Solutions at Fiserv. “Pairing our B2B accounts payable technology with an industry leader in transaction banking offers these clients a secure solution that brings new levels of automation, efficiency, and cost savings to accounts payable.”
According to Fiserv, Goldman Sachs will manage foreign exchange (FX) and domestic payment delivery for Fiserv clients to suppliers in more than 125 different currencies. The company said the solution will also enable real-time payment tracking that reduces payment-related supplier inquiries and streamlines reconciliation of payments to corresponding invoices.