Goldman Sachs Transaction Banking enters Europe

Investment bank Goldman Sachs is expanding its Transaction Banking (TxB) business to the European Union, starting with a new location in Frankfurt, Germany.

Cloud-based platform TxB initially launched in the US in 2020 and entered the UK last year.

In Europe, where TxB has plans to expand to Amsterdam, it will serve clients’ treasury needs, including deposits and payments, across more than 160 countries in over 120 currencies.

Hari Moorthy, global head of TxB, said: “We are excited to bring the Goldman Sachs Transaction Banking experience to clients with treasury needs in the European Union.

“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.”

To date, TxB has attracted in excess of 400 clients, and has accepted over $65 billion in deposits.

Earlier this month, Goldman Sachs Transaction Banking teamed up with San Francisco-based software platform Modern Treasury to offer increased access to embedded payments to their mutual corporate customers.