Cross-border payments have long been complicated, slow, and expensive for businesses, with a labyrinth of correspondent banks, compliance requirements and entrenched systems often bogging down the movement of money. Lately, digitization of services and new software tools have set off a race across the payments sphere to create a better ‘mouse trap’ for rising cross-border digital commerce.
The Goldman Sachs move shows it’s focused on improving customers’ cross-border payments experience. Goldman Sachs isn’t getting a brand new Visa product but rather is signing onto existing Visa programs, including Visa’s business-to-business network that reaches 97 countries and its direct payout push to accounts system for payments across borders to smaller businesses and consumers, the release said.
