The Goldman Sachs Group, Inc. will expand Transaction Banking (TxB), its cloud-based global transaction platform, to the European Union, the company said in a statement.
Begun in the U.S. in 2020 and launched in the U.K. in 2021, the digital-first cloud-based TxB will establish a new location in Frankfurt, followed later by Amsterdam. The move seeks to enhance relationships with existing clients doing business in the EU and also attract new customers.
TxB is set up to manage treasury needs, such as deposits and payments into more than 160 countries and 120 currencies, which clients have the ability to see on the global platform.
“We understand the challenges of running a complex global treasury operation, and built our platform to be nimble, secure, and easy-to-use to support clients as they run and grow their businesses,” Hari Moorthy, Goldman’s Head of Global TxB, said in the statement.
The system currently has more than 400 clients, has accepted more than $65 billion in deposits, and has processed trillions of dollars, according to the bank.
Goldman’s presence in the EU until now has included capital markets, transaction advisory, financing, and trading services.