Delivering Transaction Banking as a Service

By Chad Wallace, Global Head of Digital Products and Design

We launched the Goldman Sachs Transaction Banking (TxB) platform in June with the goal of transforming the way transaction banks enable corporate treasury teams to do their jobs. We designed our products by working backwards from the clients’ needs and challenges and built TxB from a blank sheet of paper. 

Our new technology build has allowed us to make API development a priority and forethought – we recognize the future of treasury likely revolves around clients getting easy access to TxB features and data programmatically and in real-time. And now, we are extending our API strategy by launching Transaction Banking as a Service, which allows corporates and other participants to use TxB capabilities to solve problems. TxB as a Service includes: payments, treasury automation, and Banking as a Service.  

We’re excited about this offering because it not only solves clients’ challenges but also enables them to integrate better with their clients, creating a B2B2B scenario. Our ambition is to help power the next wave of FinTech innovation by allowing members of the software community to access the TxB Financial Cloud and collaborate with TxB to build upon our financial building blocks. And of course, this is all pending our partners meeting appropriate controls and regulatory requirements. 

Here are a few of our capabilities available to eligible clients and partners and we’ve laid out more details on the Goldman Sachs developers’ site.

  • On demand virtual account opening - Allows our API users to instantly scale up and scale down virtual accounts.  This can support a treasurer who wants to better manage the segregation of funds or for the software company who wants to open accounts to manage cash and payments on behalf of their end clients. 
  • Payments & payment statuses - Allows our API users to send and collect money globally through 2 APIs, using various payment rails. Clients can benefit from the simplicity of our offering, avoiding the complexity and fragmentation of the global payments landscape. 
  • Balance and transaction data - Allows our API users to get real-time data on their account balances and transaction activities.

These offerings are just the beginning – we plan to release more features in the coming months as we continue to innovate to support our clients’ evolving needs. We look forward to bringing on additional clients and partners to our Financial Cloud.