Publicis Sapient helps Goldman Sachs modernize transaction banking
Publicis Sapient, a digital transformation consultancy, has collaborated with Goldman Sachs to build a cutting-edge transaction banking platform.
Transaction banking deals with the movement of money from one place to another, and covers cash flow management, domestic and international trade, and transaction security. According to McKinsey & Company, the global transaction banking industry books $1 billion in revenues annually.
Market disruption is increasingly occurring in the area, as more clients demand advanced, digital services that few banks have delivered. This is true for both the retail and wholesale segments of the banking industry.
Goldman Sachs and Publicis Sapient, however, recently built a cloud-native treasury and cash management platform which uses virtual accounts and intuitive APIs to transfer and move money worldwide.
Goldman Sachs says the transaction banking platform offers 24/7 accessibility, and is nimble, secure, and easy for clients to use. It also offers integrated, analytics-powered solutions, including liquidity management, payments, escrow services, and virtual accounts.
Goldman Sachs is currently rolling out the platform in the US, and will expand it to Europe and Asia in 2021.
"We are thrilled to work with Goldman Sachs to support the roll-out of their cloud-native transaction banking platform, which is the first all-digital platform in the market,” said David Donovan, EVP and the Financial Services lead of Publicis Sapient in the Americas.
Meanwhile, in a reverse deal, Publicis Sapient’s parent company, advertising giant Publicis Groupe, has decided to use the platform to manage a portion of its treasury operations.
"Publicis Sapient has been a trusted collaborator supporting our digital capabilities, and we're excited that they've signed on to be a transaction banking client,” said Luc Teboul, managing director and engineering lead for the Goldman Sachs transactional banking platform.
Publicis Sapient combines expertise in strategy, consulting, customer experience, technology, and data science to support digital transformation in a range of industries. The company has 20,000 people across 53 global offices.
