Goldman Sachs TxB: Reimagining Digital Transaction Banking
Winner of Celent Model Bank 2021 Award for Corporate Banking in the Cloud
Celent recognizes Goldman Sachs as the winner of the 2021 Celent Model Bank Award for Corporate Banking in the Cloud for their initiative Goldman Sachs TxB®: Reimagining Digital Transaction Banking. Seeking to serve their clients by building a modern digital platform, Goldman Sachs formed its transaction banking line of business in mid-2018, a bold move into a highly competitive business segment. Goldman Sachs TxB is at the leading edge of banks deploying critical client-facing digital platforms to the public cloud. Within six months of the US launch, Goldman Sachs TxB was already far ahead of its five-year goal of accumulating $50 billion in deposit balances and earning $1 billion in net revenues.
According to Goldman Sachs, the key benefits that the TxB platform offers its clients are simplicity, transparency, and savings. The firm believes that delivering innovative technology to clients as quickly as possible was critical to the success of the platform. With this belief as its driving force, the TxB platform was delivered externally to clients in less than two years, lightning speed in the industry. This, along with meeting various product delivery and partnership milestones and receiving overwhelmingly positive feedback from clients, has been essential in quantifying the initiative's success.