US-based payments and fintech firm Fiserv has teamed up with Goldman Sachs Transaction Banking to simplify cross-border supplier payments for businesses.

Under the tie-up, the companies look to streamline supplier payments made through B2B accounts payable solutions offered by Fiserv.

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The first phase of the alliance is expected to alleviate the friction in B2B payments over high transaction costs and settlement speeds.

Furthermore, Fiserv clients will have access to Goldman Sachs Transaction Banking’s centralised, cloud-based payments suite.

It will enable these clients to carry out cross-border payments natively within their existing accounts receivable and accounts payable solutions from Fiserv, including SnapPay among others.

SnapPay, which is a multichannel payments automation solution, integrates with enterprise resource planning solutions. It is said to enable secure transaction of money and information between buyers and suppliers digitally.

Fiserv head of Global Enterprise Solutions David Ades said: “Efficiently managing the delivery of cross-border payments across an extensive network of international suppliers is a pain point for our clients with a large global presence.

“Pairing our B2B accounts payable technology with an industry leader in transaction banking offers these clients a secure solution that brings new levels of automation, efficiency, and cost savings to accounts payable.”

The foreign exchange and domestic payment delivery for Fiserv clients to suppliers will be managed by Goldman Sachs in over 125 currencies.

The solution will also allow live payment tracking that minimises supplier inquiries related to payments.

Besides, it will streamline reconciliation of payments to corresponding invoices.

Goldman Sachs Global head of Transaction Banking Product and Sales Eduardo Vergara commented: “We are pleased to partner with Fiserv, a global leader in payments and financial technology, to provide best-in-class B2B payment capabilities to their clients.

“We look forward to expanding our relationship with Fiserv to deliver differentiated financial services to the Fiserv global client base.”

Last month, it was reported that Fiserv is planning to expand its research and development operations in Nenagh, Ireland.

The company plans to add 200 jobs in Nenagh over the next three years in response to the rising demand for digital solutions among its clients.