The banking giant has expanded its Transaction Banking (TxB) business after first launching it in the US last year.
Banking giant Goldman Sachs has outlined the launch of Transaction Banking (TxB) in the UK, expanding the business which was first launched in the US last year.
Transaction banking, which is also known as cash management and treasury services, is the business of providing solutions for clients’ day-to-day treasury operations, as well as helping to optimise working capital.
As part of this, the bank will now offer payroll and payment processing services to business clients, as well as cash management.
Commenting on the move, Jim Esposito, global co-head of the investment banking division at Goldman Sachs, stated in a release from the firm that following surveys with clients, feedback suggested that there was “scope to improve the cash management and payment processing set of services”.
Esposito added: “Goldman Sachs is uniquely positioned to disrupt this market, building on over 150 years of financial and risk management experience yet unencumbered by legacy banking infrastructure.”
Since launching in the US back in June last year, the banking giant has attracted more than 250 clients, taking on over $35bn (£25bn) in deposits, while also processing trillions of dollars through its systems.
In addition, the launch of this business in the UK is expected to bring a suite of new services to corporate and institutional clients via a digital first cash management system.
The firm’s global head of TxB, Hari Moorthy, added: “We set a mission to provide a global transaction banking platform that is secure, easy to use, and nimble to help our clients run and grow their businesses.
“The growth of this business has exceeded our estimates and we are very excited to bring TxB to the UK to expand our client reach and streamline banking for multinational corporations with a presence in the US and the UK.”
TxB will also offer traditional products in a more streamlined and simplified manner by modernising treasury functions and offering a simple, seamless, API-based experience.
Over time, the function will feature a holistic client solution that is inclusive of payments in more than 125 currencies, payroll, API connectivity, liquidity solutions and much more.