Visa Inc. V recently collaborated with the leading cloud-based platform Goldman Sachs Transaction Banking. The move is intended to enhance worldwide money movement capabilities for businesses, irrespective of scale, and their customers.
Notably, Goldman Sachs operates through Goldman Sachs Bank USA, the subsidiary of the renowned financial services provider Goldman Sachs.
Through the newly formed alliance, the commercial and corporate banking customers of Goldman Sachs will be able to utilize Visa B2B Connect and Visa Direct Payouts solutions. This, in turn, is expected to bolster the high-value and low-value cross-border payments of Goldman Sachs.
Notably, the high-value cross-border business-to-business (B2B) payments of Goldman Sachs is expected to be simplified through usage of Visa B2B Connect. With presence in 97 global markets, the Visa B2B Connect payment network aims to make the payments process a hassle free one by facilitating faster settlement execution. Customers of Goldman Sachs will be able to keep a real-time check on their payment status. They will benefit from higher transaction accuracy and simplified reconciliation process.
Further, high volumes of Goldman Sachs’ low-value cross-border Business-to-Small-Business (B2SB) and Business-to-Consumer (B2C) payments can be processed with Visa Direct Payouts capabilities. Backed with a single connection integrated with billions of endpoints across more than 90 markets, Visa Direct Payouts offers enhanced payment options to Goldman Sachs’ clients. It also addresses intricacies and expenses linked with the systems and processes of those businesses, which have to handle multiple networks and intermediaries globally.
Moreover, the latest move highlights Visa’s efforts to bring innovative solutions amid the payments industry and replace age-old processes. The COVID-19 pandemic compelled most organizations to transform their business models and increasingly adopt digital means while making payments.
Likewise, both Visa B2B Connect and Visa Direct empower financial institutions to process massive volumes of cross-border transactions. It also facilitates seamless and secured transfer of funds on a real-time basis worldwide. While Visa B2B Connect keeps on adding partners to its network, Visa Direct’s digital payment capabilities have been leveraged by several organizations. Notably, Visa Direct transactions surged around 60% in fiscal second-quarter 2021. These networks and solutions have helped Visa to tap the growing need for enhanced digital solutions in the B2B payments space.
In February 2021, Visa joined forces with Automatic Data Processing, Inc. ADP in a bid to facilitate faster and secured digital payments to U.S. employees by leveraging Visa Direct. In the same month, the company forged an alliance with MoneyGram International, Inc. MGI, which enabled the latter to use Visa Direct and allow its customers to engage in fast and secured money transfers to Vietnam. Further, PayPal Holdings Inc. PYPL had teamed up with Visa in 2020 for leveraging Visa Direct’s real-time payment capabilities.
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