Goldman Sachs Expands Transaction Banking to EU
Goldman Sachs is bringing Transaction Banking (TxB) to Frankfurt, Germany, before heading to Amsterdam, as the U.S. banker expands into the European Union with its global transaction banking platform.
According to a Tuesday (Sept. 20) press release, TxB originally launched in the U.S. in 2020 and the U.K. in 2021. Goldman Sachs said the EU expansion will help foster outreach to new clients across Europe while also deepening relationships with current customers with different banking needs.
TxB provides a cloud-based global platform to serve clients’ treasury needs, including deposits and payments, in over 160 countries in more than 120 currencies, offering account visibility, payments and liquidity positions.
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“We understand the challenges of running a complex global treasury operation, and built our platform to be nimble, secure and easy-to-use to support clients as they run and grow their businesses,” said Hari Moorthy, global head of TxB.
With over 400 clients, TxB has accepted over $65 billion in deposits and processed trillions of dollars through its systems, per the release. In Europe, Goldman Sachs has offered capital markets, transaction advisory, financing and trading services for over 30 years.
Goldman Sachs TxB is a digital-first business aimed at helping clients build the future of their treasury. It uses an application programming interface (API)-first way to automate corporate treasury or embed business banking products into existing experiences.
Read more: Modern Treasury Collabs With Goldman Sachs to Advance Embedded Payments
Founded in 1869 and headquartered in New York, New York, The Goldman Sachs Group delivers a broad range of financial services across investment banking, securities, investment management and consumer banking to corporations, financial institutions, governments and individuals.
Jim Esposito, co-head of Goldman’s investment bank, told the Financial Times in an interview about the EU expansion that the bank wants the TxB unit to gain market share from leaders such as J.P. Morgan and Citigroup.
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