Goldman Sachs announced the launch of Transaction Banking (TxB) in the UK, expanding the business which was successfully launched in the US last year.

Transaction banking, also known as cash management and treasury services, is the business of providing solutions for clients’ day-to-day treasury operations as well as optimizing working capital.

Since launching in the US last June, Goldman Sachs has attracted more than 250 clients, taking on over $35 billion in deposits and processing trillions of dollars through its systems. The launch of this business in the UK will bring a suite of new services to corporate and institutional clients via a market-leading, digital-first cash management platform.

Hari Moorthy, global head of TxB, said: “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.”

Jim Esposito, Global Co-Head of the Investment Banking Division at Goldman Sachs added, “As we surveyed our clients we heard consistent feedback that there was scope to improve the cash management and payment processing set of services. 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. We see huge potential to grow this business in the UK and globally”.

TxB will offer traditional products in a more streamlined and simplified manner by modernising treasury functions, and offering a simple, seamless, API-based experience. TxB will launch features over time, building up to a holistic client solution that is inclusive of payments in more than 125 currencies, deposit accounts, escrow services, liquidity solutions, full file and API connectivity and payroll.

Source: Goldman Sachs