Payment operations platform Modern Treasury is partnering with Goldman Sachs Transaction Banking to provide mutual corporate customers with an integrated money movement solution. The collaboration has been in the works since the fourth quarter of 2021 and took 9-10 months to complete.

Clients can streamline embedded domestic and international payments using the San Francisco-based platform’s modern APIs, Modern Treasury co-founder and Chief Executive Dimitri Dadiomov told Bank Automation News.

“I think the really exciting part about this is there are a lot of products that we interact with on a daily basis that could either be smoother or could actually be improved with having a payment flow,” Dadiomov said. “[Modern Treasury] will be able to do that easily with this partnership with a major bank.”

Navigating challenges

Embedded payments have presented challenges for Modern Treasury, Dadiomov told BAN. Working with older legacy software while collecting and handling investor deposits and withdraws has created hurdles — such as dealing with detail-intensive formatting and having to set up servers, he said.

Leveraging Goldman Sachs’ payment capabilities within the fintech’s platforms will allow for simpler and less resource-dependent payment processes.

The companies’ mutual customer, art investment platform Masterworks, will benefit from the partnership with the ability to quickly reconcile investor payments, according to a Modern Treasury release.

“Ultimately what [Modern Treasury] is trying to do is sort of like [Microsoft] Excel for people that move money online,” Dadiomov said. “It typically takes four to six weeks from a process perspective to go live — and being able to do that in days versus weeks or months is a big deal.”

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