Goldman Sachs has launched Transaction Banking (TxB) in the UK, expanding the business which was successfully launched in the US last year.
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 US giant says the launch of this business in the UK will bring new services to corporate and institutional clients via a digital-first cash management platform, featuring a suite of APIs that will grow to offer payments in more than 125 currencies, deposit accounts, escrow services, liquidity solutions, full file and API connectivity and payroll. Jim Esposito, global co-head of the Investment Banking Division at Goldman Sachs says: “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”.