Modern Treasury and Goldman Sachs Partner to Provide Integrated Software and Payments to Corporate Customers

Partnership to Expand Access to Embedded Finance Solutions to Mid-Market Companies

SAN FRANCISCO–(BUSINESS WIRE)–Modern Treasury, a software platform that helps companies modernize money movement, and Goldman Sachs Transaction Banking (TxB) today announced a partnership to accelerate the shift to embedded payments, helping joint customers seamlessly embed and scale domestic and international payments into their products to drive growth.

Modern Treasury’s Payment Operations software platform will provide mutual clients with an integrated money movement solution, with payments powered by TxB.

“Embedding payments into software products is increasingly the trajectory of commerce, and by partnering with Modern Treasury, we are creating new opportunities for clients to seamlessly leverage our payments capabilities within their own platforms,” said Eduardo Vergara, Global Head of Product and Sales at Goldman Sachs Transaction Banking.

Embedded payments is one of the fastest growing sectors across the payments industry as entire industries and workflows digitize. Global Payments notes that 60%-70% of new clients come from software channels.¹ However, existing banking infrastructure was not designed with them in mind, and companies often have to build in-house solutions, which takes considerable development and resources.

To embed payments, companies need expertise in both banking capabilities and software. However, navigating across them introduces complexities around client onboarding, compliance, counterparty management, programmatic payment initiation, product ledgering, third-party payment reconciliation, accounting integrations, and more, becoming a barrier to entry for many mid-market companies seeking to digitize payments.

“Modern money movement is software driven. Goldman Sachs understands software developers and has built award-winning APIs² for this audience,” said Dimitri Dadiomov, Modern Treasury co-founder and CEO. “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 companies have jointly served clients since late last year. Going forward, product teams from both companies have committed to a mutual product roadmap to address new client needs, tighten the integration, and offer mutual clients a unified product experience.

“We’re delighted to work with Goldman Sachs and Modern Treasury to better serve our investors and business partners,” says Nigel Glenday, 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.”

Modern Treasury and Goldman Sachs have collaborated on a solution to expedite clients’ time to onboard³. In addition, clients can open virtual accounts, make domestic and cross-border payments, view real-time payment statuses, manage incoming payment receipts, and access many more services needed to support today’s high-growth companies.

Please visit the Modern Treasury blog here to learn more about the partnership.

About Modern Treasury

Modern Treasury provides payment operations software for companies, enabling teams to move and track money with confidence, and automate the complete cycle of money movement—from payment initiation, through approvals, to reconciliation. Using Modern Treasury products, innovators are reinventing the way businesses are built, run, and scaled. The company is a catalyst for growth in the economy’s most important sectors, from real estate and healthcare to education and financial services. Founded in 2018, San Francisco-based Modern Treasury is backed by leading investors Altimeter Capital, Benchmark, and Y Combinator.

About Goldman Sachs Transaction Banking

Goldman Sachs Transaction Banking, through Goldman Sachs Bank USA, is building a modern, digital-first, and cloud-based business to help clients build the future of their Treasury. The business combines the strength, heritage, and expertise of a 150-year-old firm with the agility and entrepreneurial spirit of a tech start-up.

Transaction Banking services are offered by Goldman Sachs Bank USA (“GS Bank”) and its affiliates. GS Bank is a New York State chartered bank and a member of the Federal Reserve System and Member FDIC, as well as a swap dealer registered with the CFTC. It is a wholly-owned subsidiary of The Goldman Sachs Group, Inc. (together with its subsidiaries, “Goldman Sachs”) and leverages the resources of Goldman Sachs subject to legal, internal and regulatory restrictions. Information contained herein does not constitute an offer by GS Bank or any of its affiliates. The receipt of this document by any recipient is not to be taken as constituting the giving of financial, investment, tax, legal or any other advice by Goldman Sachs to that recipient, nor to constitute such person a client of Goldman Sachs. No person shall be treated as a client of Goldman Sachs, or be entitled to the protections afforded to clients of Goldman Sachs, solely by virtue of having received this document. No part of this material may, without Goldman Sachs’ prior written consent, be (i) copied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, officer, director, or authorized agent of the recipient. Subject to FDIC rules, regulations, and limitations. For more information on how FDIC insurance coverage works visit www.fdic.gov. © 2022 Goldman Sachs. All rights reserved. This document is confidential and may have been prepared by personnel in the Investment Banking Division or one or more affiliates of The Goldman Sachs Group, Inc. (“Goldman Sachs”, “We” or “us”) and is not the product of the Global Investment Research Division. It is not a research report and is not intended as such.

Non-Reliance and Risk Disclosure: This material should not be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. We are not soliciting any action based on this material. It is for the general information of our clients and the terms and conditions of any transaction if between us, if any were to take place, would be subject to further discussion and negotiation between us. It does not constitute a recommendation and may not take into account the particular investment objectives, financial conditions, or needs of individual clients. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. We do not provide tax, accounting, or legal advice to our clients, and all investors are advised to consult with their tax, accounting, or legal advisers regarding any potential investment. This material is for the general information of our clients. The material is based on information that we consider reliable, but we do not represent that it is accurate, complete and/or up to date, and it should not be relied on as such and Goldman Sachs shall not be responsible for errors or omissions that may occur. We will not update or amend or be obligated to update or amend such information following the date it was delivered to you. Goldman Sachs shall have no liability, contingent or otherwise, to any recipient or to third parties, for the quality, accuracy, timeliness, continued availability or completeness of, or otherwise in connection with, any information provided to you. Opinions expressed are our current opinions as of the date appearing on this material only.

Phone Recording: Telephone conversations with Goldman Sachs personnel may be recorded and retained.

Receipt of Orders: An order sent to Goldman Sachs by email or instant message is not deemed to be received by Goldman Sachs until a Goldman Sachs representative verifies the order details with a phone call to the client or acknowledges receipt of the order via email or instant message to the client. Goldman Sachs does not accept client orders sent via fax or voicemail systems.

Full Service Firm Disclosure: As you know, Goldman Sachs is a full service financial institution engaged, either directly or indirectly, in a broad array of activities, including trading, commercial and investment banking, financial advisory, market making and trading, investment management (both public and private investing), investment research, principal investment, financial planning, benefits counselling, risk management, hedging, financing, brokerage and other financial and non-financial activities and services globally. In the ordinary course of their various business activities, Goldman Sachs and funds or other entities in which Goldman Sachs invests or with which Goldman Sachs co-invests may at any time purchase, sell, hold or vote long or short positions and investments in securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments for their own account and for the accounts of customers and clients. In addition, Goldman Sachs may at any time communicate independent recommendations and/or publish or express independent research views in respect of such assets, securities or instruments. Any of the aforementioned activities may involve or relate to assets, securities and/or instruments referred to herein. In addition, Goldman Sachs may provide investment banking, commercial banking, underwriting and financial advisory services to such other entities and persons.

Legal Entities Disseminating this Material: This material is disseminated in the United States of America by Goldman Sachs & Co. LLC (which is a member of FINRA, NYSE and SIPC) and by Goldman Sachs Bank USA. You may obtain information about SIPC, including the SIPC brochure, by contacting SIPC (website: http://www.sipc.org/; phone: 202-371-8300).

Not a Municipal Advisor: Except in circumstances where Goldman Sachs expressly agrees otherwise in writing, Goldman Sachs is not acting as a municipal advisor and the opinions or views contained herein are not intended to be, and do not constitute, advice, including within the meaning of Section 15B of the Securities Exchange Act of 1934.

Not a Fiduciary: This material is provided solely on the basis that it will not constitute investment advice and will not form a primary basis for any person’s or plan’s investment decisions, and nothing in this material will result in Goldman Sachs becoming a fiduciary with respect to any person or plan. Further, each recipient has the capability to independently evaluate investment risk and will exercise independent judgment in evaluating investment decisions in that its investment decisions will be based on its own independent assessment of the opportunities and risks presented by a potential investment, market factors and other investment considerations.

Some Transaction Banking accounts and services are subject to customer eligibility requirements and may not be available in relation to accounts held at in certain jurisdictions on in relation to third-party banks. © 2022 Goldman Sachs. All rights reserved.

Contacts

Chad Torbin

Chad@speakeasystrategies.com