Goldman Sachs taps into Fiserv’s clients to grow transaction banking

FILE PHOTO: The Goldman Sachs company logo is on the floor of the NYSE in New York

NEW YORK (Reuters) – Goldman Sachs Group Inc said on Monday it is partnering with the financial tech and payments company Fiserv Inc to expand its transaction banking and foreign exchange payments network, according to a joint press release.

The move gives Goldman the chance to pitch its fledgling business of managing corporate cash to Fiserv’s network of some 12,000 banking, brokerage and government clients.

“This is a significant opportunity given the size and brand of both organizations,” Eduardo Vergara, Goldman’s global head of transaction banking product & sales, said in an emailed statement.

Goldman launched transaction banking business in 2020 and has roughly 250 clients, including itself. The bank has $35 billion in deposits on the platform and last month expanded to Britain.

(Reporting by Elizabeth Dilts Marshall; Editing by Will Dunham)