In an official announcement recently, Modern Treasury, a prominent software platform that helps companies in the modernization of money movement, confirmed that it has developed a partnership with Goldman Sachs Transaction Banking to accelerate the shift to embedded payments.
Additionally, Modern Treasury highlighted the growing popularity of embedded payments and noted that almost 70% of new clients in the international payment ecosystem come from software channels. Moreover, the company mentioned the growing need for technology-driven solutions in the banking sector.
“Modern money movement is software driven. Goldman Sachs understands software developers and has built award-winning APIs for this audience,” said Dimitri Dadiomov, the Co-Founder and CEO of Modern Treasury. “Modern Treasury fills the payment operations gaps to provide our joint clients with a best-in-class software solution for money movement, so they don’t have to build it themselves. We look forward to helping more customers get products and services to market faster, driving growth.”
The details shared by Modern Treasury show that both companies have jointly served clients since late 2021.
Payment Technology
The demand for software-driven payment solutions has jumped substantially in the last few years. In July 2022, Balance, a B2B payments platform, secured $56 million in its Series B funding round led by Forerunner Ventures to expand its payment offerings.
"We’re delighted to work with Goldman Sachs and Modern Treasury to better serve our investors and business partners,” says Nigel Glenday, the Chief Financial Officer at Masterworks, the leading art investment platform. “With the help of both companies, our payment operations now support timely reconciliation of investor payments, irrespective of payment methods, and an integrated workflow to identify and resolve payment exceptions as they arise, all of which contributed to receiving our recognition as a recipient of this year’s noted Adam Smith Award.”
Earlier this year, MoneyGram announced a collaboration with Mobily Pay.
