Visa and Goldman Sachs Partner to Help Businesses Move Money Globally

Hilary
Hilary Kennedy
Jun 15, 2021

Goldman Sachs and Visa announced a partnership that will allow consumers to move funds quickly and securely. The strategic partnership with Visa Direct Payout Solutions and Visa B2B Connect enables users to transfer funds worldwide.

“There is an immediate need for modernization of global money movement to help businesses around the world simplify and enhance how they pay and get paid across borders,” said Alan Koenigsberg, global head of new payment flows, Visa Business Solutions. “Visa’s partnership with Goldman Sachs Transaction Banking is an important milestone in our efforts to break down traditional processes and silos and help spur innovation in this critical industry segment for the decades to come.”

Goldman Sachs Transaction Banking clients can use Visa’s solutions right away with existing connections. It works for all payment types in a simple workflow, with additional payout options for high and low-value payments, fee optimization, and comprehensive information reporting for easy reconciliation.

This isn’t the only big news coming out of Goldman Sachs; it reported record growth over the past week, according to reports from CNBC. The company climbed 47.58% in 2021, making it the best performer in the Dow Jones.

“They’re on track right now to make over a billion dollars in revenue per year, which blows away their pre-crisis record,” said New York Times’ Wall Street Reporter Kate Kelly on CNBC.

All these changes stem from new leadership under CEO David Solomon. In addition to the new Visa partnership, the company launched a credit card with Apple, hired an Uber executive to lead its consumer division, and gave wealthier clients access to cryptocurrencies.

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