Goldman Sachs enlists American Express to take on cash management titans like Citigroup

Goldman Sachs enlists American Express to take on cash management titans like Citigroup

Is partnering with to upgrade its digital cash management offering, CNBC has learned. The investment bank is leaning on the world's biggest issuer of business charge cards in its quest to displace rivals that handle trillions of dollars in deposits and payments for corporations. By integrating virtual card technology from AmEx into its platform, Goldman has automated the cumbersome process of sorting and paying bills to vendors and suppliers, according to executives of the two firms. "This a one-stop solution to a highly fragmented business-to-business payments landscape for large corporates," , Goldman's global head of transaction banking, said in a phone interview. "It lets CFOs and treasurers have better financial planning because now you have a seamless way to track the flow of funds, irrespective of the payment rails used." Cash management — the business of holding companies' deposits and helping them make payments — is the commercial counterpart to Goldman's better-known efforts to break into . Introduced in 2020 as part of CEO 's plans to add more stable sources of revenue, the transaction banking business has already begun gaining traction. Goldman reached $50 billion in deposits by the third quarter this year, several years ahead of , Solomon