American Express and Goldman Sachs are partnering to add Amex’s global commercial cards to the digital treasury solution Goldman Sachs is developing for large corporations.
Amex will embed its virtual cards within
The move could position Amex to capture more commercial card spending from the largest global corporations as Goldman continues its push into the global cash management industry, which Citigroup, Bank of America and JPMorgan Chase have long dominated.
When Amex’s commercial card services become broadly available early next year within TxB, corporate treasury managers using it may route payments over card, ACH, wire or foreign currency rails, with tools to track and analyze corporate cash flow in real time, said Dean Henry, Amex’s executive vice president of global commercial services.
“We saw an opportunity here to innovate with Goldman Sachs, bringing our card platform together with its new platform to modernize outdated, legacy B2B payment processes for Fortune 250 corporations,” Henry said.
Adding Amex’s commercial card suite to TxB will mean corporate treasury managers no longer need to log into a separate system to manage card payments for paying everything from routine bills to managing large buyer and supplier transactions, said Hari Moorthy, global head of TxB at Goldman Sachs.
“Many large corporations don’t have an easy way to track when payments are received, and by adding American Express we’re expanding our customers’ payment options through a single flow making it easy for them to plan, track and forecast the amount of cash they have, which is critical in the current economic environment,” Moorthy said.
