Goldman Sachs Group Inc., for over 150 years, has been providing a wide range of financial services to a substantial and diversified client base globally including corporations, financial institutions, governments, and individuals.
SAP and Goldman Sachs Group Inc., a leading global investment banking, securities, and investment management firm, have recently announced its collaboration to improve B2B transactions on Ariba Network, the world’s largest and SAP’s cloud-based B2B marketplace.
The tech-forward and secure cross-border Global Payments capabilities of Goldman Sachs will be made available in select SAP Ariba solutions. This innovation aims to simplify and reduce the cost of transactions when buyers pay overseas suppliers in local currencies.
Sean Thompson, Executive Vice President, Network and Ecosystem, SAP Procurement Solutions, said:
“We continue to expand our portfolio of ecosystem partners to add more value for customers.”
“Partnering with Goldman Sachs Transaction Banking allows us to deliver more innovative financial solutions, starting with these cross-border payment capabilities, which is critically important for so many of our customers on Ariba Network doing business in the global economy today,” he added.
Many organisations today, regardless of size, location or technical capabilities, are leveraging commerce automation over Ariba Network to connect with suppliers and manage POs, invoices, and payments. In the world-renowned B2B network, companies can expedite processing of valid invoices, enable consistent on-time payment performance, strengthen supplier relationships, and improve cash flow.
Projected to transact over than USD 3.2 trillion in business commerce, Ariba Network is a dynamic, digital marketplace where buyers and suppliers collaborate on transactions with ease, strengthen their relationships, and discover new business opportunities utilising SAP Ariba solutions.
SAP Ariba platform provides user-friendly procurement solutions that deliver timely, compliance-boosting insights for organisations to consistently make rational, intelligent and compliant buying decisions. The market-leading platform’s capabilities and infrastructure are secure, scalable and reliable.
Hari Moorthy, Global Head of Transaction Banking at Goldman Sachs, shared that the collaboration is very much focused on the customers. Moorthy said:
“We put clients at the center of this product to create a frictionless payment experience and provide competitive and transparent pricing.”
“We are proud to partner with SAP to introduce this innovative yet simplified approach to making payments across the globe on Ariba Network,” he added.
Goldman Sachs Transaction Banking is offered by Goldman Sachs Bank USA, a wholly-owned subsidiary of The Goldman Sachs Group, Inc. It combines the heritage, and expertise of a 150-year-old firm with the agility and entrepreneurial spirit of a tech start-up in building a modern, digital-first, and cloud-based business for clients.
According to the SAP News Center article, the partnership between SAP and Goldman Sachs is anticipated to provide the buyers and suppliers with the following:
- A streamlined process for paying foreign suppliers in local currencies at a lower cost with competitive foreign exchange rates
- Improved operational efficiency through easier reconciliation of payments to corresponding invoices
- Real-time payment tracking, reducing payment-related supplier inquiries
- Cost transparency on bank fees
- Optimized payment routing offered by Goldman Sachs’ advanced machine learning techniques
- Reduced risk as a result of improved visibility and control over foreign exchange payments and currency exposures for stakeholders in procurement and treasury
- Improved buyer-supplier relations with transactions conducted in each party’s preferred currency with minimal change management required