Goldman Sachs just announced its first partnership for transaction banking as it looks to build a new $1 billion business moving money around the world
Goldman Sachs CEO David Solomon speaks with Katie Couric at the Vanity Fair New Establishment Summit 2018Goldman Sachs has announced a partnership with SAP to offer cross-border payments functionality on the German tech giant's Ariba Network, which matches corporate purchasers with their vendors.
Goldman will help customers of SAP's Ariba Network to pay bills in 125 currencies, offering them one-click functionality and a transparent fee structure, according to a statement and interviews with senior executives at both firms. The company has been looking to build stickier sources of revenue to lessen a reliance on more episodic investment banking fees such as those from its underperforming trading arm.
"With the click of a button, we take a direct integration with Ariba to process the payment and process the FX in one singular transaction," Moorthy said. "The client gets complete transparency on where is the payment and how much they have paid for that service. We do the whole thing in one single process."
"The special sauce is their intellectual capital in how to drive down the cost of cross-border payments and foreign currency hedging," said Thompson. "That results in a lower cost of doing cross-border payments." While the SAP integration is a bespoke arrangement, Goldman has built the business so it can do many customized solutions for different clients relatively easily, Moorthy said.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Goldman Sachs sees zero US economic growth as the coronavirus spreadsGoldman Sachs sees no economic growth for the U.S. as the coronavirus outbreak roils markets and business activity.
Leer más »
Goldman Sachs sees zero US economic growth as the coronavirus spreadsGoldman Sachs sees no economic growth for the U.S. as the coronavirus outbreak roils markets and business activity.
Leer más »
Goldman cuts U.S. growth forecast for first and second quarter due to coronavirusGoldman Sachs Group Inc has downgraded its U.S. growth forecast for the first an...
Leer más »
Big Law M&A work slumps; volatility funds shine; Goldman picks teams - Business InsiderWall Street Insider is a behind-the-scenes look at the stories dominating banking, business, and big deals.
Leer más »
Three ways the coronavirus could affect banking globally - Business InsiderAs fallout from the coronavirus outbreak continues, there are three potential trends developing in the global banking industry in response.
Leer más »
How businesses are handling coronavirus delays, demand, and sales - Business InsiderThe coronavirus is impacting the largest companies and smallest startups alike. Entrepreneurs share the strategies moving their companies forward.
Leer más »