Goldman Sachs, a leading global financial institution, has teamed up with Derivatives Path to launch a joint solution to enable regional and community banks in the United States to access forex payments.
Derivative Path provides capital market technology and derivatives execution services to regional and community banks.
According to a statement released on Thursday by Derivate Path, the partnership will leverage on the global payments network of the Goldman Sachs Transaction Banking (TxB) platform that was launched by the financial giant earlier in April.
Clients of Derivate Path will be able to use DerivateEDGE, the company's software-as-a-service-based capital market platform, to access Goldman Sachs' global payments capabilities.
DerivativeEDGE also powers forex, over-the-counter commodity and interest rate derivative transactions.
Additionally, Derivative Path in the statement explained that the collaboration will offer an automated digital-first payments solution.
The technology provider noted that this will help financial companies with spot forex and international payments.
“Using TxB's API-based platform, clients of Derivative Path now can provide a more cohesive end-to-end global payment solution to their underlying customers,” the provider explained.
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Art Brieske, the Global Head of Payments for TxB, noted that regional and community banks can now enjoy a “comprehensive yet simplified and efficient cross-border payment solution."
Pradeep Bhatia, the CEO & Co-Founder of Derivative Path, believes that the launch of the joint solution emphasizes the company’s goal to drive a new wave of innovation for regional and community banks in the US.
"Teaming up with one of the world's largest and most-established financial institutions is a major step in the right direction of bringing greater technology sophistication and flexibility to the regional and community banking sector in the US," Bhatia explained.
Goldman Sachs is a 150-year-old financial powerhouse that provides financial services in investment banking and securities.
Furthermore, it is active in the investment management and consumer banking sub-industries.
