Goldman Sachs and Volante to Launch Digital Transaction Banking in the Cloud
- Transaction Banking , Cloud
- 23.09.2020 10:35 am
Volante Technologies, the global leader in cloud payments and financial messaging, today announced that Volante has been collaborating with Goldman Sachs Bank USA (“Goldman Sachs”) to provide the payments technology underpinning the bank’s recently launched digital transaction banking service built entirely from scratch in the cloud, an industry first. Volante has also become a client of the platform.
The Goldman Sachs Transaction Banking Platform is designed to be nimble, secure, and easy for the bank’s corporate clients to use and for partners to connect to. The platform is fully API-enabled and incorporates rich analytics, liquidity management, virtual accounts, and payments. At the core of this platform is Volante’s cloud-native VolPay, providing unified end-to-end processing of domestic and international payments, including foreign exchange/FX, across U.S. wires, ACH, SWIFT cross-border payments, and other payment rails.
Luc Teboul, Managing Director and engineering lead for the Goldman Sachs Transaction Banking platform, said: “In launching digital transaction banking for our customers, we needed both cutting-edge functionality and the agility to meet ambitious targets. At the same time, we always aim to collaborate with companies who have the desire to be long term partners. Volante met our top criteria for an ideal collaborator: modern cloud-native technology, deep payments and transaction banking expertise, and the ability and flexibility to deliver against aggressive deadlines. We welcomed them as a client very early on in our journey.”
Uday Thakur, Co-founder & CTO, Volante Technologies, added: “We are delighted to be collaborating with an innovative and disruptive organization like Goldman Sachs. This is truly a two-way street: our payments solutions and know-how have enabled Goldman Sachs to rapidly launch a superior cloud transaction banking service, while they worked closely with us in the certification process with US domestic and cross-border payment networks.”
Thakur continued: “We are excited about the platform we have built, and the proof is in our decision to become Goldman Sachs Transaction Banking customers ourselves. We look forward to extending our collaboration in both directions, helping Goldman Sachs evolve their transaction banking roadmap, while we benefit from their advanced payments, FX, and cash management services.”