Goldman Sachs CEO David Solomon speaks with Katie Couric at the Vanity Fair New Establishment Summit 2018Goldman Sachs has announced a partnership with SAP to offer cross-border payments functionality on the German tech giant's Ariba Network, which matches corporate purchasers with their vendors.
Goldman will help customers of SAP's Ariba Network to pay bills in 125 currencies, offering them one-click functionality and a transparent fee structure, according to a statement and interviews with senior executives at both firms. The company has been looking to build stickier sources of revenue to lessen a reliance on more episodic investment banking fees such as those from its underperforming trading arm.
"With the click of a button, we take a direct integration with Ariba to process the payment and process the FX in one singular transaction," Moorthy said. "The client gets complete transparency on where is the payment and how much they have paid for that service. We do the whole thing in one single process."
"The special sauce is their intellectual capital in how to drive down the cost of cross-border payments and foreign currency hedging," said Thompson. "That results in a lower cost of doing cross-border payments." While the SAP integration is a bespoke arrangement, Goldman has built the business so it can do many customized solutions for different clients relatively easily, Moorthy said.
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Source: BusinessInsider - 🏆 729. / 51 Read more »
Source: BusinessInsider - 🏆 729. / 51 Read more »