Coupa and Goldman Sachs Transaction Banking Launch A Seamless Business Payments Solution

Rhea-AI Summary

Coupa and Goldman Sachs Transaction Banking (TxB) have announced a collaboration aimed at simplifying business payment processes across domestic and cross-border transactions. This joint initiative introduces a comprehensive payments solution that allows customers to execute payments in 124 currencies across 167 countries. Key features include fast integration through API-led technology, providing real-time data transparency, and enhanced cross-border payments capabilities with SWIFT GPI for tracking. The partnership seeks to modernize payment processes, enhance visibility for businesses, and ultimately optimize operational costs.

Positive

• The collaboration enables payments in 124 currencies across 167 countries.
• Offers fast integration through API-led technology for real-time data transparency.
• Enhances cross-border payments with SWIFT GPI for better tracking and efficiency.

Negative

• None.

The global collaboration creates a streamlined process for domestic and cross border payments.

LAS VEGAS, April 13, 2023 /PRNewswire/ -- Coupa, a global leader in Business Spend Management (BSM), and Goldman Sachs Transaction Banking (TxB), a modern, digital-first, cloud-based bank provider, today announced a joint initiative to simplify payment processes between businesses and their global supply chains.

Making payments between businesses is fraught with operational challenges that are costly, onerous, and inefficient. Through this collaboration, Goldman Sachs TxB and Coupa enable customers to easily make payments, including domestic, cross-border, and foreign exchange (FX) payments to 124 currencies, across 167 countries.

The business payments solution from Goldman Sachs TxB and Coupa offers:

• Fast Integration: API-led integration leading to a real-time and rich transparency of data exchange
• Quick & Convenient Payments: with the ability to make payments within the Coupa experience allowing for streamlined processes
• Enhanced Cross-Border Payments: offering SWIFT GPI to track payments from end to end and increase efficiencies throughout the payment process

"We are collaborating with Coupa to further innovate in the world of payments through smarter and seamless solutions that provide a consumer-like user experience to our customers," said Brinda Bhattacharjee, Head of Product, Transaction Banking at Goldman Sachs. "This collaboration allows us to unlock additional value for global businesses looking to modernize their payments processes and increase visibility for both buyers and suppliers."

"Optimizing cost while reducing risk is core to delivering maximum value to Coupa customers. Our collaboration exemplifies Coupa's focus on innovation and driving success for our customers," said Raja Hammoud, Executive Vice President of Products at Coupa. "Enhancing the Coupa platform with Goldman Sachs TxB capabilities will further streamline and centralize payments for customers and their suppliers around the globe. We are excited to transform the world of business payments from complex and slow to simple and fast."

To learn more about the Coupa Business Spend Management platform, visit https://www.coupa.com/.

To learn more about Goldman Sachs Transaction Banking, visit www.gs.com/txb

About Coupa
Coupa is the cloud-based Business Spend Management (BSM) platform that unifies processes across supply chain, procurement, and finance functions. Coupa empowers organizations around the world to maximize value and operationalize purpose through their business spend. To learn more, visit coupa.com or follow us on LinkedIn and Twitter.

About Goldman Sachs
The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

About Goldman Sachs Transaction Banking
Goldman Sachs Transaction Banking, through Goldman Sachs Bank USA and its affiliates, is a modern, digital-first, and cloud-based business helping clients build the future of their treasury. The business combines the strength, heritage, and expertise of a 150-year-old firm with the agility and entrepreneurial spirit of a tech start-up.

All banking products are offered exclusively by Goldman Sachs Bank USA (the "Bank"), a New York state-chartered bank and a wholly-owned subsidiary of The Goldman Sachs Group, Inc. The Bank is a member of the Federal Reserve System and Member FDIC.

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SOURCE Coupa Software

FAQ

What is the partnership between Coupa and Goldman Sachs Transaction Banking?

The partnership aims to simplify business payment processes and enhance efficiency in domestic and cross-border transactions.

How many currencies can businesses use with the new payment solution from Coupa and Goldman Sachs?

Businesses can make payments in 124 currencies with the solution.

When was the collaboration between Coupa and Goldman Sachs announced?

The collaboration was announced on April 13, 2023.

What features does the Coupa and Goldman Sachs payment solution offer?

The solution offers fast integration, real-time data transparency, and enhanced cross-border payment tracking.

What is the potential benefit of this collaboration for businesses?

The collaboration aims to optimize operational costs and provide a more efficient payment process.