AmEx, Goldman Sachs Partner on Corporate Payment Solution

American Express is working with Goldman Sachs Transaction Banking (TxB) to provide a cloud-based payment solution for large corporate clients.

The two entities announced the project Wednesday (Oct. 20), saying it would support multiple payment options and provide data and analytics in a single platform.

“A major pain point for our large commercial card clients is managing multiple platforms and myriad time-consuming, costly and complex processes to make, track and reconcile thousands of payment transactions every day,” said Dean Henry, executive vice president of global commercial services at American Express.

He added that the collaboration will offer “access to faster payments and real-time tracking that can increase efficiency and reduce costs.”

The companies say the new payment solution will include a “one flow process that combines payment activity, both virtual card and non-card, into a holistic set of B2B payment instructions.”

Users also get access to Goldman Sachs TxB’s Intelligent Payments Engine, which will route payments to a particular channel based on the buyer’s speed and cost preferences.

“We developed the Goldman Sachs TxB platform to provide our clients with a modern cash management platform that is digital, nimble, easy to use and secure – bringing a consumer-grade user experience into the world of B2B payments,” said Hari Moorthy, global head of TxB at Goldman Sachs.

The companies say the solution is available now to select clients, with a planned launch for general availability early next year.

Read more: American Express Launches New Enhanced Business Platinum Card

The announcement comes less than a week after American Express’ launch of its Business Platinum Card. The company said the new offering “delivers new benefits in top business spending categories, differentiated services, travel perks and the powerful backing of American Express” to customers in the U.S.

In September, the company launched a virtual card with the FinTech Extend that lets business customers create their own virtual cards. American Express says 40% of American businesses plan to expand their use of virtual cards in the next year.