Embracing a New Identity

It is one thing for us to be able to envision things that go well beyond our reality, but what makes us more special is our ability to then reason with that vision. The switch in personal perspectives plays a huge role in enabling us to see the situation from different angles, thus making our decisions better informed. We use this skill in our routinely life without even realizing how important it can go on to become not only around the granular level, but also in the bigger scheme of things. With a dissection of such nature well-known to be helpful, it’s almost bound to come up in a conversation that talks to changing the world forever. This was exactly the conversation technology started when it first arrived on the scene. Even though many positives were on full display right from the jump, a good chunk of the population remained hesitant about technology’s sustainability over a long period. Once that barrier was broken, the next challenge appeared in the form of different sectors facing a similar dilemma, only theirs happened to be based around the question of whether the creation adequately complemented the sector’s exclusive needs. Amongst these sectors was the field of finance. Blending technology with something as important as finance didn’t sound like a great idea initially. However, when the real potential of a tech-centric world began to get increasingly apparent, all the major financial institutions were forced into reconsidering their thought process regarding it. Some were quicker to lean towards technology, while the others took their time, but the delay came at a cost of being left behind a little. Investment banking giant, Goldman Sachs learned it the hard way, but its latest decision show that the company is out to close the gap.

Goldman Sachs has partnered with American Express in a bid to upgrade its digital cash management offering. With AmEx’s cutting-edge virtual card technology at the disposal now, Goldman will be looking to simplify what is a highly tedious process of sorting and paying bills to recipients like suppliers and vendors. This partnership is being viewed industry-wide as a part of Goldman’s drive to diversify the company’s revenue streams and give its rivals a run for their money, as the race to fintech dominance heats up.

A dedicated cash management platform is one of organization’s biggest bets to this day. Although at the very core, it’s not a novelty by any means, but the way Goldman seems to have gone about it indicates serious willingness on its part to embrace the fintech ideology. Built using cloud technology, the platform brings algorithms into play for deciding which payment form is most suitable for the customer’s needs, with options ranging from card, and wire to Automated Clearing House.

“This a one-stop solution to a highly fragmented business-to-business payments landscape for large corporates,” Hari Moorthy, Goldman’s global head of transaction banking.  “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.”

 

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