US FinTech firm Fiserv and Goldman Sachs have introduced their first product offering from its ongoing strategic partnership.
Global payments provider Fiserv and Goldman Sachs will launch a business-to-business (B2B) facility designed to facilitate domestic and foreign currency payments.
The new product will enable Fiserv customers to perform cross-border payments natively within their existing accounts receivable and accounts payable solutions from Fiserv through Goldman Sachs’ payments suite.
The partnership will also see Goldman manage foreign and domestic payment delivery for Fiserv customers to suppliers in over 125 currencies.
The B2B facility will allow real-time payment tracking, which will enable the reduction of payment-linked supplier inquiries and streamlining reconciliation of payments to corresponding invoices.
Fiserv head of global enterprise solutions David Ades said, “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.
“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.”
Goldman Sachs global head of transaction banking product and sales Eduardo Vergara added, “We look forward to expanding our relationship with Fiserv to deliver differentiated financial services to the Fiserv global client base.”
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